RXR Buys Stake in NYC Tower That’s Home to Murdoch Empire
- Landlord purchased the interest from Ivanhoe Cambridge
- Owners are planning a $300 million renovation of the building
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New York landlord RXR purchased a 49% stake in Manhattan’s 1211 Avenue of the Americas, the office building that houses the headquarters of Rupert Murdoch’s News Corp.
RXR bought the stake from Ivanhoe Cambridge, the real estate arm of Canadian pension fund Caisse de Dépôt et Placement du Québec, according to a statement. The owners will also invest more than $300 million into renovating the building, located near Rockefeller Center.