RFR Realty To Shed 570,000-SF Office

NEW YORK CITY-RFR Realty LLC’s 17 State St. is on the market for sale and expected to fetch between $430 million and $470 million, GlobeSt.com has learned. Brokers Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham of Cushman & Wakefield’s Capital Markets group will be handling the sale on behalf of the owner. Baxter tells GlobeSt.com that RFR has owned the building for 10 years and it is the end of their investment term for this property.

Baxter notes that the building is expected to sell between $750 and $850 per sf. He adds that although the building just started marketing, several foreign buyers have indicated strong interest. “Several domestic funds and pensions fund advisors are also looking into buying it.”

The building’s owner did not respond to GlobeSt.com queries prior to deadline. According to RFR’s website, asking rents for the 20th floor of the 42-story building are $45.

The 570,000-sf property is currently 100% occupied, according to Baxter. Current tenants include AXA Reinsurance Co., Shareholder Communications Corp., Royalblue Technologies Corp., Tradition Financial Services Inc., Transportation Coverage Specialist and New York Unearthed. Baxter tells GlobeSt.com that he expects to call for bids sometime towards the end of February or early March.