This week RXR announced that it has acquired 49% interest in 1211 Avenue of the Americas, one of the most recognizable and distinguished office buildings in New York City. The stake was acquired from Ivanhoé Cambridge, the global real estate group of CDPQ. RXR and Ivanhoé Cambridge will continue the program to reposition the asset by investing over $300 million into the two million-square-foot property, launching a building modernization program designed to meet the demands of today’s leading global companies. The transformation will feature a reimagined multi-tenant lobby and a revitalized plaza. Improvements will also include a new amenity center, conference rooms, a wellness center, and other enhancements.
