We advised RXR on the recapitalization and as development manager, property manager and construction supervisor

Davis Polk advised RXR Realty LLC in connection with the recapitalization of 5 Times Square in Manhattan with Apollo Global Management Inc. and in connection with RXR assuming the roles of development manager, property manager and construction supervisor as the property undergoes a partial conversion from office to residential space.

RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 107 real estate properties and investments (including 450 Lexington Avenue, New York), comprising approximately 30.5 million square feet with an aggregate gross asset value of approximately $17.1 billion, and a residential development pipeline of approximately 9,800 units under operation or development. 5 Times Square is a 39-story skyscraper located in the heart of Times Square, with large billboards on the facade and an entrance to the 42nd Street Subway station. Notable tenants include Roku, Inc. and Red Lobster.

The Davis Polk real estate team included partner Brian S. Lichter and associates Rachel M. Feldstein and Edward Peck. Partner Ethan R. Goldman and associate Bradford Sherman provided tax advice. Partner Lara Samet Buchwald and associate Roshaan Wasim provided litigation advice. All members of the Davis Polk team are based in the New York office.

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