RXR has partnered with Sagehall as part of a $180 million recapitalization of 530 Fifth Avenue, a 475,000-square-foot property that sits two blocks west of Grand Central Terminal. The new partnership will infuse $70 million of new capital into the building and will go toward repositioning the building, which stretches the length of the block between 44th and 45th Streets, and serves as flex space provider Convene’s flagship New York City location.
RXR Chairman and CEO, Scott Rechler shared, “Through our Sagehall partnership, we’ve positioned 530 Fifth Avenue as a premier destination in one of New York’s most sought-after submarkets. As Convene’s flagship location, the building offers tenants access to best-in-class hospitality services and meeting spaces.”
