S
cott Rechler's RXR Realty has welcomed a new equity partner at its 475,000-square-foot office property in Midtown Manhattan. Sagehall, led by Lanee Yung and Sush Torgalkar, has joined the ownership group of 530 Fifth Avenue, with Torgalkar citing the "opportunity to capitalize on the recovery in the office market" and highlighting the appeal of the Grand Central submarket.

    The partners have recapitalized the property, injecting $70 million of capital while taking out a five-year, $110 million loan facility from ING Capital. A Newmark team negotiated the loan, which will be used to reposition and upgrade the asset. The building is 85% occupied, with major tenants including Convene, Avison Young, and Major, Lindsey & Africa.

    The property also features a retail condo, where Joe Sitt's Thor Equities previously held a significant stake before selling most of its interest to General Growth Properties for $595 million. However, two investors later sued Thor over unpaid distributions, leading to a dispute over access to the building's financial records.