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
Ron Perelman with 35 East 62nd Street and 41 East 62nd Street (Getty, Google Maps)
Ron Perelman’s former Lenox Hill offices hit market for $160M
Ron Perelman’s former Lenox Hill offices hit market for $160M
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
Largest Real Estate Loans Topped $2.5B in December, including: 601 Lexington Avenue, 441 Ninth Avenue & 360 Park Avenue South (BXP, Hudson Commons, 360 Park Avenue South, iStock)
Ten biggest Manhattan real estate loans in December top $2.5B
Ten biggest Manhattan real estate loans in December top $2.5B
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties CEO Owen Thomas and 360 Park Avenue South (RER, CBRE)
Boston Properties closes on Midtown South office building
Boston Properties closes on Midtown South office building
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
arrow_forward_ios

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

Loading...