We advised the JV on the largest New York City office building transaction in the last three years

Davis Polk advised a joint venture sponsored by RXR Realty LLC and Elliott Investment Management L.P. in connection with the acquisition of 590 Madison Avenue, a trophy one-million-square-foot, 42-story Class A office tower strategically positioned in Midtown Manhattan’s Plaza District, from an affiliate of the State Teachers Retirement System of Ohio. The acquisition is the largest New York City office building transaction in the last three years. Davis Polk also represented the joint venture in connection with mortgage and mezzanine financing provided by affiliates of Apollo Global Management, Inc. Further, Davis Polk also represented RXR in connection with the joint venture with Elliott.

RXR is one of the largest owners, managers and developers in the New York tri-state area. It has an operating platform managing 109 commercial real estate properties and investments, including 450 Lexington Avenue, New York City, comprising approximately 30.9 million square feet with an aggregate gross asset value under management of approximately $16.6 billion, and a residential development pipeline of approximately 9,600 multi-family units under operation or development.

The Davis Polk real estate team included partner Brian S. Lichter and associates David Beizer, Benjamin Montgomery, Jacob (Jack) Goldbrenner, Gennie A. Amir, Maria J Budis and Alexa Cibellis. Partner Ethan R. Goldman and associate Bradford Sherman provided tax advice. Partner Lara Samet Buchwald provided litigation advice. All members of the Davis Polk team are based in the New York office.

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