RXR has secured $407 million in mortgage financing led by Morgan Stanley and including Bank of America to refinance 450 Lexington Avenue, a class A office tower in Midtown Manhattan.
This loan replaces a $272 million mortgage on the property and provides additional capital to support its comprehensive redevelopment. 450 Lexington Avenue is fully leased to premier, long-term tenants, including Davis Polk & Wardwell and Warburg Pincus, with a weighted average lease term (WALT) of nearly 20 years – highlighting the property’s desirable location and commercial appeal.
“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 Avenue represents the type of high-quality asset that continues to attract institutional capital,” said Scott Rechler, chairman and CEO of RXR.
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