A New York state judge has ruled that Manhattan firm Davis Polk & Wardwell can remain in their office at 450 Lexington Avenue, pending the resolution of a $63 million rent dispute, Law360 reported.
The judge yesterday stayed the effect of a termination notice that the landlord, Lexington Operating Partners LLC, sent to Davis Polk on June 6 for alleged nonpayment. An arbitrator will decide whether the landlord’s rent hike of $63 million per year will stand, per a stipulation in the lease, the judge said, according to Law360.
The white-shoe firm, known for its work in mergers and acquisitions, exercised a renewal option for the next five years on June 1 of this year. Davis Polk has rented space at the Midtown tower since 1989. The firm last inked a lease in 2007 for 20 floors of the 38-story building. [Law360]