RXR Realty $1.29 billion refinancing of 5 Times Square
Davis Polk advised affiliates of RXR Realty LLC in connection with a $1.29 billion refinancing of 5 Times Square in Manhattan and significant additional equity investments in the building through related joint ventures with various investors, including SL Green Realty Corp., a preexisting mezzanine lender that converted its debt to equity. The proceeds will be used to refinance the existing loans at 5 Times Square, an ultra-modern Class A office building located in the core of Midtown Manhattan consisting of 39 stories and 1.16 million total square feet, and to provide capital for leasing and building capital expenditures.
RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 83 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 30.2 million square feet with an aggregate gross asset value of approximately $22.4 billion and a residential development pipeline of approximately 7,300 units under operation or development.
The Davis Polk real estate team included partner Brian S. Lichter and associates Elizabeth A. Case, Rachel M. Feldstein, Edward Peck, Paulina P. Lerner, Omar Ashmawy and Jack Goldbrenner. Partner Po Sit and associates Bradford Sherman and Constance Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.