Biopharmaceutical Company Inks 13K-SF Lease at Cohen Brothers’ 750 Lexington Avenue
Liam La Guerre March 3, 2016, 12:45 p.m.
Stemline Therapeutics, a clinical stage biopharmaceutical company, has signed a five-year lease at 750 Lexington Avenue, also known as International Plaza, Commercial Observer can first report.
The deal is for the entire 13,000-square-foot 11th floor of the 31-story office and retail tower between East 59th and East 60th Streets.
Stemline Therapeutics was a subtenant on the same floor in the Cohen Brothers Realty’s building, through a deal with sublandlord Locke Lord, a law firm formerly known as Edwards Wildman Palmer. Stemline Therapeutics moved into the space in July 2013. As Locke Lord’s lease expired, the biopharmaceutical firm decided to take over the space. The asking rent in the transaction was $70 per square foot, according to Cohen Brothers.
“The building is a top-notch Class A building. You can commute from everywhere and get there easily, and in their words, they ‘loved’ the building,” Marc Horowitz, a senior vice president at Cohen Brothers, told CO. Mr. Horowitz represented the landlord in-house and handled the deal for Stemline Therapeutics.
The 386,000-square-foot office and retail building is currently 100 percent occupied. Last year, private investment firm Invus Group signed a five-year lease renewal of its 14,700-square-foot space on the 30th and 31st floors, as CO previously reported.
Other tenants include retailers Jimmy Choo, Zara and Sephora USA as well as law firm Bickel & Brewer.