RXR Takes Stake in 55 Broad Street Recap

RXR acquired a minority interest in the Financial District office-to-residential conversion, with Wells Fargo providing a $305 million senior loan.

Updated on Nov. 13, 2026 in Commercial

Photograph of a tall Lower Manhattan office tower rising above smaller historic masonry buildings in warm late-afternoon light, suggesting an urban building recapitalization. — RXR acquired a minority stake in 55 Broad Street, a Financial District tower valued near $500 million, with Wells Fargo providing a $305 million senior loan. AI Illustration. Upload story photo >

RXR acquired a minority interest in 55 Broad Street, a Financial District building valued at roughly $500 million. Wells Fargo provided a $305 million senior loan as part of the recapitalization.

Why it matters

The deal is the first office-to-residential conversion sale under the 467-m tax abatement, offering a reference point for similar conversions in Lower Manhattan. It shows continued capital flowing into converted office buildings in New York City.

The property was acquired for $180 million in May 2022 and is now valued at roughly $500 million, according to deal figures. Terms of RXR's equity contribution and its precise ownership percentage were not disclosed in the extraction.

The players

RXR

RXR is a New York-based real estate firm active in office, residential and mixed-use development across the United States.

Wells Fargo

Wells Fargo is one of the largest U.S. banks, providing commercial real estate lending including the senior loan for this recapitalization.

Macquarie Capital

Macquarie Capital is the investment banking and principal finance arm of the Australia-based global financial group Macquarie.

Newmark

Newmark is a commercial real estate services firm that arranged the recapitalization debt for this transaction.

The details

Macquarie Capital Principal Finance is participating as a capital partner, and Newmark arranged the recapitalization. The 35-story building, formerly Goldman Sachs' headquarters until 1983, was converted into a 571-unit mixed-income rental property, completed in 2025, with 95 percent occupancy, 75 percent market-rate and 25 percent affordable apartments.

May 2022: Silverstein Properties and MetroLoft acquired the building from Rudin for $180 million.
1983: Goldman Sachs' use of the building as its headquarters ended.
February: RXR Cardinal Venture, a venture with the North Carolina Investment Authority, launched.
April: Reports surfaced that RXR would lead the roughly $500 million recapitalization.
2025: The office-to-residential conversion of the building was completed.

Market Landscape

The sale is the first completed under the 467-m tax abatement for office-to-residential conversions, marking an early test of that incentive in the Financial District. Its recapitalization with a $305 million senior loan shows lenders and equity partners continuing to back converted office buildings in the city.

For New York renters, the conversion adds 571 units to the rental market, with 25 percent designated affordable. The building's 8,340 square feet of retail space may also shape the street-level offerings in the Financial District.

The takeaway

Office-to-residential conversions backed by tax incentives are attracting major capital, and buyers and renters in Lower Manhattan should watch how these projects perform on occupancy and affordability.