Related and Oxford Properties $565 million sale of the Edge
Davis Polk advised The Related Companies, L.P. and its joint venture partner Oxford Properties Group in connection with the sale of the Edge, an observation deck located at 30 Hudson Yards in New York City. At 1,131 feet, the Edge is the tallest outdoor observation deck in the western hemisphere.
The $565 million purchase price included the assumption of an existing $375 million mortgage loan from Carlyle Group and several other institutional lenders. The Edge was purchased by a Kohlberg Kravis Roberts & Co. L.P. controlled joint venture with affiliates of Related, Oxford, Carlyle and other members of the lender group. Related / Oxford will continue to manage the Edge.
Related is one of the nation’s most innovative and prolific real estate development firms. Headquartered in New York City, Related’s existing operating portfolio of real estate assets is valued at more than $60 billion.
Oxford is the real estate investment arm of OMERS, one of Canada’s largest pension plans. Oxford’s real estate portfolio consists of approximately 150 million square feet of commercial space, 3,000 hotels rooms and 10,000 residential units located primarily across Canada, Western Europe and select U.S. markets.
KKR is a global investment firm with $429 billion of assets under management. KKR manages multiple alternative asset classes, including private equity, credit and real estate assets.
Carlyle is a global investment firm with $276 billion of assets under management across 415 investment vehicles.
The Davis Polk real estate team included partner Brian D. Hirsch and associates Elizabeth A. Case, Lindsay P. Talve and Rachel M. Feldstein. The intellectual property and technology transactions team included partner Frank J. Azzopardi. Partner Eli J. Vonnegut provided restructuring advice. Partner Paul Spagnoletti provided litigation advice. The tax team included partner Ethan R. Goldman. All members of the Davis Polk team are based in the New York office.