Blackstone to buy stake in $4b RXR portfolio

The Blackstone Group is under contract to purchase a stake in a nine-property portfolio from RXR Realty. The properties are valued at approximately $4 billion, according to Real Capital Analytics.

RXR is selling 50 percent of its interest in the assets; however, RCA is unclear what percentage of the joint venture was originally held by RXR.

The portfolio totals 5.27 million square feet and consists of five office properties in New York City, and three industrial properties and one office in New Jersey.

Blackstone is buying a 50 percent interest in floors seven through 21 at 1166 Sixth Ave. as well as 1330 Sixth Ave., 340 Madison, the Starrett Lehigh Building at 601 W. 26th St., and the Bed Bath & Beyond Building at 620 Sixth Ave.

The largest Manhattan office is the Starrett Lehigh Building, totaling 2.31 million square feet with a property value of $1.74 billion. It is the headquarters for several design companies and Martha Stewart Livin