NEW YORK CITY-RXR Realty is under contract to acquire a controlling stake in 620 Ave. of the Americas, a 700,000 square foot trophy building currently occupied by TJ Maxx, Marshalls and the Bed, Bath & Beyond flagship store.

The building is valued under the deal at $500 million. A joint venture between YL Real Estate, the Chetrit Group and Bonjour Equities, which bought into the building for $290 million in 2005, according to data from Real Capital Analytics, is selling the stake to an RXR affiliate. The deal affords RXR the option to acquire the remaining interest at a later date.

RXR EVP and managing director William Elder, tells GlobeSt.com that its enthusiasm in the building was bolstered by the creative class that has been so active of late. “The whole creative class story has been of interest to us since we reemegred in New York 18 months ago,” Elder says. “We also loved the bones of the building.”