RXR and Ivanhoé Cambridge secured a three-year extension on their $1 billion mortgage for 1211 Sixth Avenue in Midtown Manhattan. Originally set to mature in August, the loan had drawn concern from Fitch Ratings due to low debt service coverage. As part of the deal, the owners will invest $300 million to modernize the 1.8 million-square-foot building, including a redesigned plaza and lobby. Despite Fox and News Corp. extending their leases through 2042, occupancy is expected to decline as Ropes & Gray prepares to vacate over 300,000 square feet. RXR owns 49 percent; Ivanhoé holds the majority stake.
RXR and Ivanhoé Cambridge
