RXR has taken over the management and leasing of the iconic Socony-Mobil Building at 150 East 42nd Street in Midtown, marking a new recovery phase for the property. This move follows the loss of its largest tenant, Wells Fargo, which plans to exit before the lease ends in 2028. RXR will join owner 601W Companies in not only managing the property but also leading lobby renovations. The building, acquired by David Werner for over $900 million in 2014, is currently navigating market challenges with new strategic developments from RXR.
RXR's takeover at Socony-Mobil Building reflects strategic management shift as it aims to boost occupancy following the exit of major tenant Wells Fargo.
The building, central to Midtown, now faces transitions as RXR starts renovations, spotlighting both its historic value and potential for future leases.
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