Walker & Dunlop, Inc. announced today that it has arranged a $407.5 million loan to refinance 450 Lexington Avenue, a 40-story Class A office tower in the Grand Central Submarket of New York City.
Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction on behalf of RXR, PSP Investments, and institutional investors advised by J.P. Morgan Asset Management. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Michael Brown, Christopher de Raet, and Jack Krentzman, arranged the floating-rate, interest only financing from Morgan Stanley and Bank of America.
Rising 40 stories at the intersection of East 45th Street and Lexington Avenue atop the Grand Central Post Office, 450 Lexington offers 950,824 rentable square foot in the heart of Midtown Manhattan’s Grand Central submarket. The office features a diversified, cross-industry tenant roster led by institutional firms. The project is nearing completion of a comprehensive, multi-year capital improvement program. The building has earned Fitwel® and Fitwel® Viral with Distinction certifications, Gold LEED status, and an Energy Star® score of 88 in 2025.
“450 Lexington represents exactly the kind of institutional, transit-oriented asset capital providers are competing for in today’s market. Liquidity is firmly in place for best-in-class Midtown product, and the building’s long-dated, blue-chip income stream drove significant competition among lenders,” said Aaron Appel, senior managing director, co-head of Capital Markets Institutional Advisory at Walker & Dunlop. “We’re proud to have partnered with the sponsor team and delivered a highly successful outcome.”
450 Lexington is located in the heart of New York City’s premier Grand Central office submarket, a hub for Fortune 500 occupiers. Adjacent to Grand Central Terminal, the building offers immediate access to subway, bus, Metro-North, and LIRR service via Grand Central Madison, further enhanced by East Side Access. The half–city-block property fronts Lexington Avenue and is surrounded by high-street retail and a vibrant mix of New York City’s top restaurants and eateries.
"With the support of Walker & Dunlop, this refinancing reflects the continued demand for best-in-class office assets in prime locations,” said Scott Rechler, chairman and CEO of RXR. “With its long-term tenancy, extensive recent upgrades, and location in the heart of the Grand Central district, 450 Lexington Avenue represents the type of high-quality asset that continues to attract institutional capital.”
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
Walker & Dunlop, Inc. announced today that it has arranged a $407.5 million loan to refinance 450 Lexington Avenue, a 40-story Class A office tower in the Grand Central Submarket of New York City.
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