RXR Realty Closes on $920M Purchase of Starrett-Lehigh Building

NEW YORK CITY-The Starrett-Lehigh Building, at 601 W. 26^th St. in far-west Chelsea, has officially been sold to RXR Realty. As GlobeSt.com previously reported, a deal had been in the works for some time for the 2.3-million-square-foot office building. 

The purchase price was $920 million, which comes out to roughly $400 per square foot. A $30 million capital improvement program to renovate portions of the building was recently completed, but William Elder, RXR’s EVP and managing director, New York City, tells GlobeSt.com that a planned $50 million investment will “take it to the next level.” It’s not clear yet exactly how the $50 million will be spent, but Elder anticipates improvements to the building’s lobby, among other areas.