DRA Advisors Acquires Minority Stake in 1301 Sixth Avenue Office Tower Valued at $1.3 Billion

DRA Advisors has entered a joint venture with Rithm Capital, acquiring a 49% minority stake in the 1.7 million square-foot office tower at 1301 Sixth Avenue in New York City. The transaction values the Midtown Manhattan property at $1.3 billion. Rithm Capital, which retains majority ownership, recently rebranded its office business as Elecor Properties after acquiring Paramount Group in December for $1.6 billion.

The 45-story tower has also secured a new tenant, law firm Adler & Stachenfeld, which leased the entire 40,000 square-foot 12th floor. This new lease brings the building to full occupancy, joining existing tenants such as KeyBank, Piper Sandler, and Crédit Agricole. Rithm CEO Michael Nierenberg highlighted strong leasing activity in New York City's top office assets, reinforcing demand for premium space. Newmark reportedly facilitated the equity deal, while CBRE represented Adler & Stachenfeld in their lease agreement. This deal underscores continued investment and tenant confidence in prime New York City office real estate.