On Tuesday, RXR and partner Walton Street Capital LLC announced that they agreed to acquire 237 Park Ave.

WSJ: Midtown New York Push

If the 237 Park deal is completed, RXR says it is poised to own stakes in seven million square feet of space in Manhattan, including two large properties in the fast-growing area south of Midtown.

WSJ: Midtown New York Push

Mr. Rechler, chief executive of RXR Realty LLC, is betting that Midtown, where leasing has slowed in the past 18 months, will regain its status as New York's most desirable office district when the economy picks up and more old-guard companies look for extra space and as rent in the trendy hot spots grows more expensive.

WSJ: Midtown New York Push