NEW YORK CITY— An affiliate of RXR Realty has closed on the $1.65 billion acquisition of 1285 Ave. of the Americas from AXA Financial and some institutional investors. RXR also signed a long-term lease renewal with UBS to keep its North American headquarters in the 39-story, 1.8 million-square-foot office building in Midtown.
Financing for 1285 Ave. of the Americas was provided to RXR by AIG and Morgan Stanley, with $1.1 billion of acquisition financing and an additional $100 million future funding facility.
UBS agreed to a long-term lease extension, securing its occupancy in more than 900,000 square feet of space through June 2032. The building also serves as the global headquarters for the law firm of Paul, Weiss, Rifkind, Wharton & Garrison, which occupies approximately 550,000 square feet, and the global headquarters for BBDO, part of the Omnicom Group, a marketing and corporate communications company. BBDO has approximately 325,000 square feet of space in the building.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
