NEW YORK CITY-Eighteen months after being seized by mezzaninelender Otera Capital, 1330 Ave. of the Americas is changing handsfor about $400 million, the Wall Street Journal reportedMonday, citing unnamed sources. The buyers are a group of investorsled by Long Island-based RXR Realty, which signed a contract on the461,00-square-foot office property over the weekend, according tothe WSJ. A spokesman for RXR confirms that theWSJ report is accurate.

If the purchase price quoted by the WSJ—about $750 persquare foot—is accurate, it would be the second Manhattan officedeal in as many weeks to suggest a return to 2006-era values. Theprice is about 30% less than the $498 million Macklowe Propertiespaid for the 40-story property in December ’06, but well above the$500 per square foot that another former Macklowe tower, WorldwidePlaza at 825 Eighth Ave., sold for last year.

A week ago, GlobeSt.com reported that Edge Fund Advisors andHSBC Alternative Investments Ltd. had paid $254.8 million for a 49%stake in the office component of 1540 Broadway, once part of theeight-building portfolio that Macklowe acquired from Equity OfficeProperties in early 2007. The deal valued the office portion of thetower at $520 million, just $5 million less than EOP had paid in’06.