The Real Deal New York

Financial services firm inks 30K sf deal at RXR’s 450 Lex

StepStone Group relocating from the Lipstick Building
February 23, 2018 12:00PM

Scott Rechler and 450 Lexington Avenue (Credit: RXR)

Financial services firm StepStone Group signed a lease for 30,000 square feet at RXR Realty’s 450 Lexington Avenue.

StepStone signed a 10-year lease for the full 37th floor in the 39-story tower, the Commercial Observer reported. Asking rents at the top of the 910,000-square-foot tower range between $115 and $130 a square foot.

The financial services company is relocating from the Lipstick Building at 885 Third Avenue on Aug. 1.

RXR controls the property via a ground lease it signed in 2012 for $720 million with the Dubai-based investment firm Istithmar World.

Other tenants include the law firm Davis Polk & Wardwell.

RXR’s Lauren Ferrentino negotiated the deal in-house alongside a CBRE team of Michael Affronti, Silvio Petrillo and Ryan Alexander. Savills Studely’s David Carlos represented StepStone. [CO]Rich Bockmann