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News release

NEW YORK, NY

Jones Lang LaSalle Tapped to Lease 237 Park Avenue in New York

RXR Realty selects JLL as leasing agent at Class A, 1.2-MSF office tower in Midtown; $50M-plus capital improvement program launched


NEW YORK, December 18, 2013 — Jones Lang LaSalle was selected by RXR Realty LLC and Walton Street Capital LLC to lease 237 Park Avenue, formerly known as Park Avenue Atrium. The firm will provide a full range of marketing and transactional services for the Class A, 1.2 million-square-foot commercial office building.
The JLL team handling the leasing assignment includes Paul N. Glickman, Mitchell Konsker and Mitti Liebersohn, vice chairmen, and Cynthia Wasserberger, managing director. The team will work closely with William Elder, executive vice president and managing director, with RXR Realty.

“JLL is uniquely qualified to draw prospective tenants from the high-end technology, financial and service companies that would recognize the value and benefit of a Park Avenue-quality building,” said Elder. “RXR Realty and Walton Street Capital have launched a $50 million capital improvement program to transform our new asset into a modern office environment. These new features will complement the efficient and original architectural design.”

“Designed by Moed de Armas & Shannon, the improvements will thoroughly update 237 Park Avenue,” said Konsker. “The building will be enhanced with modern, sleek finishes of stone and glass with a wood panel feature wall; a new trellis structure situated above a new security desk and seating areas to create a more intimate scale; new interior and two-story exterior retail storefronts; and updated elevator cab finishes.”

The new capital improvement program will also feature more prominent and visible entrances on Lexington and Park avenues, as well as a new, reconfigured Depew Place Plaza and entrance with granite paving and outdoor seating opportunities. All of the renovations are slated for completion in early 2015.

“With a major capital renovation under way, this will become one of Midtown’s true hidden gems, an architecturally distinct office tower offering the largest floor plates available on Park Avenue,” said Glickman. “Located directly across from Grand Central Terminal, 237 Park Avenue provides tenants with unparalleled access to transportation that serves the entire city. Space users also have the added convenience of multiple entrances into the building.”

The 21-story, 237 Park Avenue is bounded by Lexington and Park avenues, and East 45th and East 46th streets. The trophy office building has approximately 450,000 square feet of office space available, comprising the entire 10th and 11th floors, totaling 121,000 square feet; the entire 13th-16th floors, totaling 240,000 square feet; and a duplex that includes a portion of the 19th floor and the entire 20th floor, totaling 87,000 square feet. The building also offers more than 30,000 square feet of retail space along East 45th and East 46th streets.

RXR Realty and Walton Street Capital completed the purchase of 237 Park Avenue in late November. The building was originally designed by Warren & Wetmore as a six-story building, with initial construction completed in 1905. Another 10 stories were added in 1935. Edward Durell Stone & Associates designed the tower addition and renovations that brought 237 Park Avenue to 21 stories, with construction on that project completed in 1981.

JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.

About RXR Realty
RXR Realty LLC is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR Realty is one of the largest owners, managers and developers in the Tri-State area with interests in approximately $6.5 billion of assets, comprised of 108 operating properties containing approximately 20.0 million square feet. For more information about RXR, visit www.rxrrealty.com.

About Walton Street Capital
Walton Street Capital LLC was founded in 1994 and is a private real estate investment company that, through its affiliates, has invested and/or committed to invest approximately $6.4 billion of equity in more than 230 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multi-family, for-sale residential, senior and student housing, gaming and other assets through both individual, portfolio and company-level transactions with a gross asset cost of over $18 billion.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.