NEW YORK CITY-RXR Realty and an affiliate of Walton Street Capital announced Monday that they have closed on the purchase of 237 Park Ave. As reported when the joint venture went into contract, the seller in the deal is Lehman Brothers and the property price was expected to come in at over $800 million, including an assumption of more than $420 million in debt.

New owners RXR and Walton also revealed an ambitious, $100 million capital improvement plan that will be put in place at the building. Improvements to the building will include a $40 million, complete renovation to the lobby and 21-story atrium, as well as to DePew Place. RXR and Walton Street plan to modernize the facade of the Lexington Avenue and 45th/46th street retail space, encompassing more than 30,000 square feet, by installing a full-height glass curtain wall, the announcement states. RXR and Walton Street also plan to replace the facade and create unique outdoor areas on several of the top floors of the building over the next few years.

The joint venture partners made clear what type of tenants they are looking to bring—and what the space will offer to renters of a certain size—following the restoration. “This modernization should attract higher-end retailers and also allow for larger users to have a two-floor presence with spectacular identity. With the ability to provide prospective tenants with contiguous blocks of up to 200,000 square feet of office space, we hope to attract high-end technology, financial and service companies.”