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
About this deal
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.
On the Map
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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