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    450 Lexington Avenue

    450 Lexington Avenue
    New York, NY 10017
    Website
    Other

    The 32-story, 910,273-squre-foot office tower at 450 Lexington Avenue is a fairly recent addition to the Midtown skyline. Designed by Skidmore Ownings & Merrill, it went up in 1992, just before the citys economic and culturaland public-safetyrenaissance.

    Interestingly enough, the building replaced a United State Postal Service property that was then the worlds busiest postal retail operation, according to developer Hines.

    RXR Realty, a privately held real estate investment, bought control of the tower in 2012 from Dubai-based Istithmar World, though it had acquired hundreds of millions in mezzanine loans tied to the building the years leading up to that deal. The deal valued 450 Lexington at around $700 million.

    Tenants include white-shoe law firm Davis Polk & Wardwell and private-equity player Warburg Pincus. The tower is nearly completely full. Rents likely mimic those for other higher-end office properties in the Grand Central area, meaning they start in the low $70s a foot. ¾-TA

    • Address 450 Lexington Avenue
    • neighborhood Grand Central
    • borough Manhattan
    • owner RXR Realty
    • owner entity ISTITHMAR LEXINGTON L
    • sales/marketing RXR Realty
    • floors 32
    • square feet 910,273
    • block and lot 1-01280-0090
    • BIN 1085671
    • Event Office Leasing
    • Address 450 Lexington Avenue
    • Neighborhood Midtown
    • Borough Manhattan
    • Square feet 30,000
    notes
    The financial services company inked a 10-year lease for the full 37th floor of the Midtown building.
    • Event Office Leasing
    • Address 450 Lexington Avenue
    • Neighborhood Grand Central
    • Borough Manhattan
    • Square feet 141,000
    notes
    The private equity firm inked a lease for space on the 32nd through 36th floors of the building. It is relocating from 237 Park Avenue.
    • Event Office Leasing
    • Address 450 Lexington Avenue
    • Neighborhood Grand Central
    • Borough Manhattan
    • Square feet 650,000
    notes
    The law firm inked a 10-year lease renewal that includes a 27,000-square-foot expansion.
    • Event Sales
    • Address 450 Lexington Avenue
    • Neighborhood Grand Central
    • Borough Manhattan
    • Square feet 905,000
    • Price $ 400,000,000
    • Price per foot $ 441.99
    notes
    The 99-year lease was sold.

    01/01/2013
    Click to enlarge The uncertain economy kept larger companies at bay in 2012 when it came to buying and leasing Manhattan office buildings. On the investment Click to enlarge The uncertain economy kept larger companies at bay in 2012 when it came to buying and leasing Manhattan office buildings. On the investment...
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