RXR Realty is purchasing a 49% stake in a Manhattan office building for $279.3 million. The property, 340 Madison, is owned by D.E. Shaw Group and has been valued at $570 million. "By structuring this transaction in a creative manner it allowed us to underwrite more attractive returns than could otherwise be expected from an outright purchase of the property," says Scott Rechler, chairman and CEO of RXR.
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