RXR, Walton Street Take 237 Park

NEW YORK CITY-Just a few weeks after acquiring 75 Rockefeller Plaza, RXR Realty is continuing its Manhattan acquisition streak, joining in a contract with Walton Street Capital to acquire 237 Park Ave. from Lehman Brothers Holdings Inc. The joint venture partners did not say how much they’re paying for the 1.2-million-square-foot office property; citing real estate executives familiar with the deal, the Wall Street Journal said the sales price is more than $800 million, including the assumption of more than $420 million in debt. A spokeswoman for RXR did not respond to requests for comment by deadline Tuesday.

RXR plans extensive renovations to the 21-story property, which is about 20% vacant and faces several lease expirations in the next few years. “This building needs a full upgrade, so it’s going to get it,” RXR chairman and CEO Scott Rechler told the WSJ.