Private Equity Firm Renews More Than 30K SF at 601 Lex
Private equity firm Apax Partners has extended its lease for 31,400 square feet at 601 Lexington Avenue between East 53rd and East 54th Streets, Commercial Observer has learned. The firm has committed to another 10 years at the Boston Properties-owned building.
Apax Partners has occupied the entire 53rd floor since 2005, according to Savills Studley, which managed the renewal.
Savills Studley’s Stephen Berliner, Daniel O. Horowitz, Jeffrey Peck, Peter Cipriano and Gary Kerper represented Apax Partners in the deal.
“What tethered [Apax Partners] to the building is the fact that this is an iconic building with some of the best views in the city,” said Mr. Horowitz. “We structured a renewal transaction at competitive economics given the overall value proposition.”
Mr. Horowitz declined to comment on asking rents.
Boston Properties’ Andrew Levin and Peter Hansen represented the landlord in-house. Neither Mr. Levin nor Mr. Hansen could immediately be reached for comment.
Built in 1977, 601 Lexington Avenue was designed by Hugh Stubbins & Associates and Emery Roth & Sons. It has 59 stories and 1.6 million square feet of space. Boston Properties bought the building in 2001 for $725 million with Allied Partners, which later sold its share to Boston Properties.
“Boston Properties is rock solid ownership and they manage the property better than any other landlord. They continue to reinvest in the property,” said Mr. Horowitz.