Law Firm Signs Over 700K-sf Extension Deal on Lexington Ave

A 25-year lease extension was signed by Davis Polk & Warwell LLP (Davis Polk) at 450 Lexington Avenue. As part of the deal the global law firm is adding an additional 30,000-square-foot floor to its existing 23 floors resulting in a footprint of more than 700,000 square feet. Representing the largest New York City office transaction in 2023 to date, landlord RXR Realty agreed to invest over $300 million in extensive capital improvements in connection with the lease. In addition to major common area and elevator upgrades, Davis Polk’s space will gain numerous amenities “focused on improving employees’ day-to-day experiences” including new gathering and meeting spaces, new indoor/outdoor space, and culinary options throughout. The financial details of the lease were not disclosed.