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  • Former RXR exec Michael O’Leary joins Tritec as CFO | Long Island Business News

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    , a former executive with , has joined as its chief financial officer. 

    O’Leary spent 18 years with Uniondale-based RXR, eventually serving as executive vice president and CFO. He helped boost RXR from a $2 billion company with a staff of 80 to a $20 billion business with more than 500 employees, according to a Tritec statement. Appointed as RXR’s CFO in 2020, O’Leary directed financial management, strategic planning and investor relations, establishing the company’s Fund Portfolio Management and leading teams in capital markets, accounting and long-term strategic initiatives. 

    A certified public accountant and member of the American Institute of Certified Public Accountants, O’Leary began his career in the Real Estate Group at Ernst & Young, managing integrated audit engagements for real estate, construction and hospitality companies. At Ronkonkoma-based Tritec, O’Leary will oversee the company’s , planning and operations. 

    “We are thrilled to welcome Michael O’Leary to the Tritec family,” company co-founders and principals Bob Coughlan and Jim Coughlan said in the statement. “His expertise, vision, and proven leadership in guiding companies through growth and transformation will be invaluable as we continue to expand our portfolio and strengthen our position as a leader in real estate development. Michael’s addition reflects our commitment to building a team that can deliver on our mission of creating vibrant, lasting communities.” 

    O’Leary, who holds a Bachelor of Science in Accounting from the State University of New York at Albany and an MBA from Columbia Business School, says he is excited to join Tritec. 

    “Tritec has an extraordinary legacy of building communities and creating value,” O’Leary said in the statement. “I’m honored to join Tritec at this exciting moment in its growth. I look forward to leveraging my experience to help scale the company’s financial infrastructure and support its long-term vision.” 


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    David Winzelberg

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  • Office Complex Worldwide Plaza’s Estimated Value Sinks $500M

    Office Complex Worldwide Plaza’s Estimated Value Sinks $500M

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    SL Green and RXR Realty’s Worldwide Plaza could find themselves in a world of hurt if two of its biggest tenants jump ship.

    Wall Street securities firm Evercore ISI recently reported an implied value for the Midtown Manhattan complex of $1.2 billion, down nearly a third from $1.7 billion in 2017, according to Crain’s. The estimated valuation breaks down to $600 per square foot.

    SL Green and RXR acquired a 49.9 percent interest in the property at the $1.7 billion valuation seven years ago. The majority interest is owned by New York REIT, which is in the process of liquidating.

    The 2 million-square-foot complex includes retail space, residential space and a 49-story office building. 

    Law firm Cravath Swaine & Moore, which occupies a third of the office space and pays roughly half the building’s rent, is set to decamp for Two Manhattan West in August. Japanese investment bank Nomura Holdings is also exploring a move from the property, where it occupies 40 percent of the rentable area.

    Cravath’s 600,000-square-foot space has been available for more than four years, according to Wharton Property Advisors’ Ruth Colp-Haber, who added it would take about $90 million to update the space for an incoming occupant.

    “If they can’t re-lease it and ultimately hand the keys back [to lenders], there’s not a lot of equity value,” Evercore analyst Steve Sakwa said.

    Worldwide Plaza backs a $940 million loan. The upcoming lease rollover resulted in the debt being watchlisted during the fall. The loan comes due in 2027, the same year Nomura can exercise an option to leave its lease six years early.

    New York REIT’s liquidation is creating its own confusion. A report last October from Kroll Bond Ratings said the real estate investment trust indicated it was looking to sell Worldwide Plaza, perhaps by April. A source familiar with the property, however, told Crain’s the building isn’t for sale.

    RXR, SL Green and New York REIT all did not comment to Crain’s about the Evercore ISI analysis.

    — Holden Walter-Warner

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    TRD Staff

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