Scott Rechler’s RXR leading $500M recap of 55 Broad office conversion

Scott Rechler’s RXR is leading a $500 million recapitalization of 55 Broad Street — one of the first big office-to-residential projects of the recent conversion craze. RXR has entered an agreement to form a joint venture with developers Silverstein Properties and Metro Loft Management, sources told The Real Deal.  The deal to recapitalize the 571-unit building is a litmus test for the office-to-resi market. Developers like Silverstein and Metro Loft have gotten to work converting outdated office buildings on the bet that they can sell those properties to long-term holders once they’re finished. The specific details of RXR’s investment weren’t […] This article originally appeared on The Real Deal. Click here to read the full story.