RXR Realty Ground-Up Development of 360 Park Avenue South

United States

Deal value: $600 Million

RXR Realty broke ground on 360 Park Avenue South, a 500,000 SF Class A office tower in Midtown Manhattan, designed for post-pandemic tenant needs and ESG standards.

The investment thesis centers on repositioning a historic 1913 Class A office asset in prime Midtown South location to capture demand from tech and financial services firms seeking modern, amenity-rich workplaces. Boston Properties' $300 million acquisition in 2021 and subsequent $100+ million redevelopment reflects confidence in the post-pandemic flight to quality, where institutional-grade office space with superior amenities commands premium rents. The strategic timing capitalizes on NoMad neighborhood momentum and proximity to Madison Square Park, positioning the asset as a premier destination for new economy companies prioritizing employee experience and connectivity.