RXR Realty joint venture for land development in North Carolina
We advised RXR on its joint venture with the North Carolina Retirement Systems
Davis Polk advised affiliates of RXR Realty LLC in a $200 million joint venture with the North Carolina Retirement Systems. RXR Development Partners will invest in mixed-use real estate development projects.
RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 75 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 25.5 million square feet with an aggregate gross asset value of approximately $20.5 billion and a residential development pipeline of approximately 6,100 units under operation or development.
The North Carolina Retirement Systems is a division of the Department of State Treasurer, and it administers the pension benefits for state and local government employees. It also administers the Supplemental Retirement Plans (NC 401(k), NC 457 and NC 403(b)), retirement savings accounts designed to help public employees in North Carolina achieve their retirement goals.
The Davis Polk real estate team included partner Brian S. Lichter and associate Nicholas Soilleux. Partner Ethan R. Goldman and associate Liang Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.