RXR Realty Picks Up NY Office High-Rise From Dubai Fund

Law360, New York (July 11, 2012, 5:24 PM EDT) -- RXR Realty LLC has agreed to purchase the 40-story office building at 450 Lexington Ave. in Manhattan from Dubai-based private equity fund Istithmar World Capital for an undisclosed price, according to Wednesday news reports.

RXR, run by Long Island real estate magnate Scott Rechler, was able to make a bid for the property after purchasing about half of its $600 million in debt, according to a report in the Wall Street Journal.

The debt was set to mature this week, and RXR reportedly took advantage of...
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