RXR has secured $407 million in mortgage financing to refinance 450 Lexington Avenue, a premier Class-A office tower in Midtown Manhattan. This refinance underscores the strong institutional confidence in the asset and its long-term performance. The new loan replaces a prior $272 million mortgage and provides additional capital to advance ongoing building enhancements. Fully leased to leading long-term tenants, including Davis Polk & Wardwell and Warburg Pincus, the property maintains a weighted average lease term of nearly 20 years. Since acquiring the building, RXR has invested nearly $500 million in upgrades and continues to modernize the asset to further elevate the tenant experience.
“This refinancing reflects the continued demand for best-in-class office assets in prime locations. With its long-term tenancy, extensive recent upgrades, and position in the heart of the Grand Central district, 450 Lexington Ave. represents the type of high-quality asset that continues to attract institutional capital,” said RXR Chairman and CEO Scott Rechler.
