RXR completed the acquisition of a 49% stake in 1211 Avenue of the Americas from Ivanhoe Cambridge.

RXR, a vertically integrated real estate and infrastructure owner, investor, operator and developer, completed the acquisition of a 49% stake in 1211 Avenue of the Americas from Ivanhoe Cambridge, a real estate investment firm. Financial terms were not disclosed. “This transaction underscores our strong conviction in New York City’s office market and its unparalleled resiliency. While some had written off New York City and declared the office era over, we never wavered in our belief in our hometown. By partnering with Ivanhoé Cambridge to transform this iconic tower into a workplace that meets the demands of today’s global companies, we’re demonstrating that well-located, high-quality office buildings can thrive in a post-pandemic world. We’re not just investing in a building – we’re investing in the next chapter of New York City’s growth and recovery,” Scott Rechler, RXR Chairman and CEO.