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Largest NYC Office Lease 2023: Davis Polk Takes 700K-SF at 450 Lex Ave 

RXR has secured a 25-year lease extension with global law firm Davis Polk & Wardwell LLP. Davis Polk will expand its office space at 450 Lexington Avenue by an additional floor, totaling 30,000 square feet. The building’s total area will be over 700,000 square feet, marking the largest lease in New York City in 2023 so far.  

RXR and partners will invest over $300 million in capital improvements, modernizing lobbies, workspaces, and amenities. Renovations will be designed by Gensler, focusing on aesthetic updates and improved functionality. The “Sky Lobby” will receive a complete overhaul, featuring private outdoor terraces and Loggia spaces for Davis Polk.  

William Elder and Andrew Ackerman represented RXR in-house in the transaction, along with a Fried, Frank, Harris, Shriver & Jacobson team led by Valerie Kelly and Neil Hood. CBRE’s Lewis Miller, Andrew Sussman and Munish Viralam represented Davis Polk, along with Scott Newmark of Meister Seelig & Fein. 


Inside The Story

Valerie Kelly

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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