RXR takes a stake in Silverstein's 55 Broad Street conversion

Wells Fargo lends $305 million to the joint venture as Macquarie also joins the $500 million-plus recapitalization.

RXR has bought a minority stake in 55 Broad Street, the Financial District apartment tower owned by Silverstein Properties and MetroLoft, in a recapitalization that values the property at more than $500 million, Newmark announced Nov. 13.

Wells Fargo is providing a $305 million senior loan to the new joint venture, according to Newmark, which advised on both transactions. Commercial Observer reported that Macquarie Capital Principal Finance has also joined as a capital partner. Sources told the publication the deal is the first sale of an office-to-residential conversion under the 467-m tax abatement, a program meant to encourage such projects.

Adam Spies, Adam Doneger and Avery Silverstein of Newmark represented Silverstein Properties and MetroLoft. Jordan Roeschlaub and Chris Kramer arranged the Wells Fargo loan. Commercial Observer listed Marcella Fasulo, Doug Harmon and Joshua King on the recapitalization team and Christopher Kramer and Aaron Golesorkhi on the debt.

RXR invested through RXR Cardinal Venture, a vehicle it formed in February with the North Carolina Investment Authority, Commercial Observer reported.

Russ Young, RXR's head of investments, said in a statement that the asset fits the firm's priorities, citing "a bespoke capital structure designed to support long-term value creation". He also pointed to the building's residential use, its experienced sponsors and its supply-constrained market.

The tower has 35 stories and 352,096 square feet. Its office-to-residential conversion was completed in 2025, and Commercial Observer reported the building was Goldman Sachs' headquarters until 1983. It holds 571 apartments, 428 of them market-rate and 143 affordable, plus about 8,340 square feet of ground-floor retail.

RXR said the property recently hit 95 percent occupancy, according to Commercial Observer. Amenities include a double-height attended lobby, a fitness center, a resident lounge, coworking space, a sports simulator and a rooftop pool and sundeck.

Commercial Observer reported that Silverstein and MetroLoft paid Rudin $180 million for the building. The Real Deal reported in April that RXR would lead a $500 million recapitalization. Macquarie Capital, Silverstein Properties, Newmark, the North Carolina Investment Authority and Wells Fargo did not immediately return requests for comment from Commercial Observer.