NEW YORK CITY-RXR Realty and Broadway Partners have taken on a third joint venture participant in controlling the 739,000-square-foot office tower at 340 Madison Ave. US Republic Core Fund, an affiliate of USAA Real Estate Co., is joining RXR and Broadway in a recapitalization on the tower.

In a statement, Scott Rechler, RXR chairman and CEO, says his company now has “the opportunity to invest additional capital alongside USAA to facilitate the de-leveraging of the property to an appropriate level for a core asset of this quality.” Through a spokeswoman, the JV partners decline to identify terms of the deal, including the share each partner has of the property.

As part of the recap, the JV has obtained new 12-year first mortgage financing from Cornerstone Real Estate Advisers LLC, according to a release. RXR will continue to provide property management services.

“Strong, long-term anchor tenancy and an enduring location will continue to enhance the property’s value,” USAA Real Estate’s chairman and CEO, Pat Duncan, says in a release. The tenant roster at 340 Madison includes McDermott Will & Emery, SunGard, National Financial Partners, the Office of the Comptroller of the Currency, PNC Financial Services Group and Massachusetts Mutual Life Insurance Co. It’s currently 92% leased.

Long Island-based RXR made its New York City debut last year by acquiring a 49% stake in 340 Madison for approximately $279.3 million. At a NAIOP New York City event this past September, RXR president and CFO Michael Maturo said that rather than buying 340 Madison outright, his company bought D.E. Shaw’s 49% stake for approximately while also leading recapitalization efforts. This enabled co-owner Broadway Partners to retain a 51% interest while giving D.E. Shaw the equity it needed, Maturo explained.