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DRA Advisors buys minority stake in 1301 Sixth Ave at $1.3B

The 45-story, 1.7M SF office tower is fully leased after Adler & Stachenfeld moved into the entire 12th floor.

Reported · Written up by our desk · Industry

Bisnow reports that DRA Advisors purchased a minority stake in the Sixth Avenue office tower at 1301 Sixth Ave in a deal that values the property at $1.3B. The transaction also establishes a joint venture between DRA and Rithm Capital, with DRA taking a 49% stake and Rithm retaining majority ownership.

The 45-story building totals 1.7M SF, and Bisnow says it is now fully leased. Adler & Stachenfeld moved into the entire 40K SF 12th floor, joining tenants including KeyBank, Piper Sandler and Crédit Agricole.

Bisnow also reports that Rithm CEO Michael Nierenberg said the deal reflects continued strong leasing demand for best-in-class office space, and that Newmark arranged the equity deal, with CBRE representing Adler & Stachenfeld. Rithm took over the building in December after acquiring Paramount Grou

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