JOINT VENTURE TO RECAPITALIZE NYC OFFICE TOWER

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NEW YORK CITY — U.S. Republic Core Fund, an affiliate of USAA Real Estate Co., has joined RXR Realty and Broadway Partners in a joint venture to recapitalize 340 Madison Avenue, an approximately 750,000-square-foot Class A office building in Manhattan’s Grand Central submarket. Part of the recapitalization includes 12-year first mortgage financing from Cornerstone Real Estate Advisers. The property is 92 percent leased to tenants including SunGard, National Financial Partners and PNC Financial Services Group, as well as ground-level retailers Verizon Wireless, Starbucks, Coach and Van Laack.

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