RITM Adds DRA Partner at 1301 Avenue of the Americas

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Rithm Capital Corp. said on October 2, 2026, that it closed a joint venture with a fund managed by DRA Advisors LLC for ownership of 1301 Avenue of the Americas in New York City.

Rithm will continue to hold a majority interest through its Elecor Properties operating platform and will operate the building for the joint venture. The companies did not disclose the transaction’s valuation, ownership percentages or other financial terms.

The 45-story Midtown Manhattan office tower contains 1.7 million square feet and is fully leased, according to Rithm. Major tenants include KeyBank, Piper Sandler, Crédit Agricole and O’Melveny & Myers.

Why it matters

The partnership adds outside institutional capital to an office asset that Rithm acquired as part of Elecor in December 2025. Rithm said it intends to pursue similar partnerships across the portfolio, supporting its effort to expand the asset-management platform while retaining operating involvement.

For shareholders, that could broaden fee-generating activity and provide capital-management flexibility. Those potential benefits cannot yet be measured because the companies did not disclose the proceeds, the partner’s ownership share, fees or the transaction’s expected effect on earnings.

The building’s full occupancy reduces near-term leasing exposure, but office-property values, tenant credit, financing conditions and execution on future partnerships remain relevant risks. The next useful evidence will be Rithm’s financial reporting on the joint venture and any disclosed effect on earnings, leverage or liquidity.

Sources

• Rithm Capital and DRA Advisors joint-venture announcement, October 2, 2026
• Rithm Capital investor-relations press releases

This article is general information, not personalized investment advice. Fly High Investing may hold securities discussed in this article.