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NEW YORK CITY-Confirming rumors that have circulated for two months, RXR Realty said late Monday afternoon it’s under contract to acquire a 49% interest in the 739,000-square-foot office tower at 340 Madison Ave. Based on a $570-million property valuation, RXR is paying $279.3 million for the stake, its first direct property investment in Manhattan since its formation in 2007.

A spokesman for RXR tells GlobeSt.com that the deal as announced this week differs from earlier published reports that said the Uniondale, NY-based owner/developer would acquire 340 Madison outright in phases from its current ownership, a joint venture of Broadway Partners and the D.E. Shaw group. As it’s now structured, the deal calls for Broadway to retain a 51% interest in the property. RXR will lead the recapitalization on behalf of the RXR/Broadway venture, as well as the refinancing of the existing $400-million first mortgage debt with ING Real Estate Finance.

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