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450 Lexington Avenue New Yo...

Davis Polk & Wardwell LLP Extends And Expands Lease At 450 Lexington Ave In Midtown Manhattan
LEASEDOffice

Davis Polk & Wardwell LLP Extends And Expands Lease At 450 Lexington Ave In Midtown Manhattan

450 Lexington Avenue New York, New York 10017, USA

Building Size

700,000 SF

Asset Type

Office

Closing

Aug 15, 2023

AI

The office building located at 450 Lexington Ave in East Midtown, Manhattan has witnessed a significant lease transaction. Davis Polk & Wardwell LLP, a prominent law firm, has recently extended and expanded their lease at the property. This move secures over 700,000 square feet of office space for the firm for the next 25 years.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Square Footage: 700,000
  • Address: 450 Lexington Ave
  • Market: East Midtown, Manhattan

The lease deal was facilitated by the landlord, RXR Realty, represented by William Elder and Andrew Ackerman. On the other hand, Davis Polk & Wardwell LLP was represented by Lewis Miller and Munish Viralam of CBRE, along with Scott Newmark of Meister Seelig & Fein. The landlord's representatives in the transaction were Neil Hood and Valerie Kelly from Frank, Harris, Shriver & Jacobson.

Players

Lewis Miller

CBRE

Broker

4 deals

Broker
William Elder

William Elder

RXR Realty

Landlord

9 deals

Landlord
DL
Davis Polk & Wardwell LLPTenant

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93