RXR Realty is buying a major stake in 1211 Avenue of the Americas, which is where Rupert Murdoch's media empire operates and is headquartered.
Also known as the News Corp. Building (the same name as Murdoch's company), the deal will give RXR 49 percent equity control of the asset, according to a report from Bloomberg. Plus, the landlord will invest $300 million into the office asset and be responsible for 49 percent of the debt for the building. The Lobby, plaza, and wellness center are all anticipated to get upgrades.
The stake was sold by Canadian-based property management firm Ivanhoé Cambridge.
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