We advised the joint venture in connection with the loan

Davis Polk advised a joint venture controlled by RXR Realty LLC in connection with an approximately $407 million mortgage loan originated by Morgan Stanley and Bank of America. The loan is secured by 450 Lexington Avenue, an approximately 1 million square foot, 40-story, Class A office tower located in the core of Midtown Manhattan and the headquarters of Davis Polk & Wardwell LLP. Proceeds of the mortgage loan will be used to refinance the existing indebtedness encumbering 450 Lexington Avenue and for certain other purposes in connection with the property.

RXR is one of the largest owners, managers and developers in the New York tri-state area, with an operating platform managing 108 commercial real estate properties and investments, comprising approximately 30.9 million square feet with an aggregate gross asset value of approximately $16.4 billion, and a residential development pipeline of approximately 9,400 units under operation or development.

The Davis Polk real estate team included partner Brian S. Lichter and associates David Beizer, Benjamin Montgomery and Eli Feuerman. Partner Kara L. Mungovan and associate Michelle Kim provided tax advice. All members of the Davis Polk team are based in the New York office.

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