2025 Year in Review: Brian Lichter, Davis Polk & Wardwell LLP

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? The acquisition of 590 Madison Ave. marked a turning point for NYC’s CRE market in 2025. A joint venture led by RXR and Elliott Investment Management closed the $1.08 billion acquisition for the trophy Class A office tower in Midtown Manhattan – the largest full asset, non-user driven office acquisition in NYC since 2018 and the first single-asset CRE deal above $1 billion in 2025. This landmark transaction signaled renewed confidence in prime office assets and helped catalyze New York’s office market rebound, underscoring how discerning investors are seizing opportunities in a shifting landscape.

What accomplishment, milestone, project or transaction stood out for you or your firm in 2025? We advised a joint venture of RXR and Elliott Investment Management on the $1.08 billion acquisition of 590 Madison Ave., a trophy one-million-square-foot Class A office tower in Midtown Manhattan, from STRS Ohio. We also advised the JV on the associated mortgage and mezzanine financing from affiliates of Apollo Global Management and we represented RXR on its JV with Elliott. We provided strategic advice through a competitive bid process and coordinated with multiple debt and equity sources within an accelerated timeline to deliver seamless execution on one of 2025’s most prominent transactions.