RXR Realty signs $407.5M refi with Morgan Stanley, BoA for office in Grand Central

RXR Realty through the entity Rxr Po Owner LLC as borrower signed a refi loan with lender Morgan Stanley and Bank of America valued at $407.5 million for the office property (O4)  at 450 Lexington Avenue in Grand Central, Manhattan.
The deal closed on February 12, 2026 and was recorded on February 23, 2026. The prior lender was Pacific Life Insurance Company which held debt that had an original loan amount of $325 million. The building has 916,553 square feet of built space and 630,460 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $444 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RXR Realty was David Frank . The signatory for Morgan Stanley and Bank of America was Jane Lam and Dominick Guerriero .

Prior sales, articles and revenue

The property with a total of 916,553 square feet of built space generated revenue of $103.9 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $12,500 in ECB penalties and $16,735 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The majority, or 100 percent of the 1 million square feet of built space are hotel buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that RXR Realty owned at least 24 commercial properties with 1,000 residential units in New York City with 11,050,914 square feet and a city-determined market value of $4 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 11,050,914 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 13 percent of the space.

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