Kirkland & Ellis renews lease at Boston Properties tower

Firm occupies 400,000 square feet at 601 Lexington Avenue

New York /
Jan.January 12, 2015 08:05 AM

International law firm Kirkland & Ellis has renewed its massive lease at the former Citigroup Center in Midtown, even though the contract doesn’t expire for another four years.

The firm renewed its more than 400,000-square-foot lease for another 20 years, according to the Wall Street Journal. The firm, which last year grew by 30 attorneys to a total of 400, is the largest tenant in the building at 601 Lexington Avenue. Boston Properties and Norges Bank Investment Management, an arm of the central bank of Norway which bought a 45 percent stake in the building in September, own the tower.

The firm’s new lease extends until 2039. Rents in the tower are between the high $60s per square foot for the lower floors and more than $150 per square foot for the higher floors.

A Savills Studley team led by Mitchell Steir, Matthew Barlow, Greg Taubin, David Goldstein and Jason Perla brokered the deal.

Other tenants have also been renewing leases early, not only to secure their space but also because they’re anticipating an acceleration in the office market, according to the newspaper. [WSJ, 2nd] — Claire Moses

 

 


Related Articles

arrow_forward_ios
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)

Office unease: Tenants are paying up but staying away

Office unease: Tenants are paying up but staying away
Mort Zuckerman and Harry Macklowe with 510 Madison Avenue (Getty, Google Maps)

Harry Macklowe sues Boston Properties for $30M

Harry Macklowe sues Boston Properties for $30M
Boston Properties CEO Owen Thomas (Photo by Axel Dupeux)

Boston Properties’ Q3 income drops 17%

Boston Properties’ Q3 income drops 17%
Boston Properties president Doug Linde and an Ann Taylor store (Getty)

Major retailers are squatting on prime real estate

Major retailers are squatting on prime real estate
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
Citigroup CEO Michael Corbat (Credit: Getty; iStock)

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out
The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

Hudson Yards district’s newest office tower to cost $2.6B

Hudson Yards district’s newest office tower to cost $2.6B
Owen Thomas (Photo by Axel Dupeux)

The Closing: Owen Thomas

The Closing: Owen Thomas
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...