Asset Manager Renews 31K-SF Lease at 601 Lexington Avenue
Lauren Elkies Schram April 1, 2016, 12:45 p.m.
BTG Pactual, an investment bank, asset manager and wealth manager with a big presence in Latin America, yesterday signed an 11-year renewal for 31,401 square feet at 601 Lexington Avenue, a source with knowledge of the deal told Commercial Observer.
The public company occupies the entire 57th floor at the 59-story Class A office building, formerly known as Citigroup Center, between East 53rd and East 54th Streets. There was no official asking rent.
Brian Goldman and Josh Friedman of Newmark Grubb Knight Frank represented BTG Pactual in the deal. The landlord, Boston Properties, was represented in-house. Spokeswomen for both companies declined to comment.
The building’s largest tenant is international law firm Kirkland & Ellis, which takes up 400,000 square feet. Other tenants include Blackstone Group, which occupies 90,000 square feet and private equity firm Apax Partners, which is in 31,400 square feet.
The 1.7-million-square-foot building at 601 Lexington Avenue was designed by Hugh Stubbins & Associates and Emery Roth & Sons and erected in 1977. Boston Properties bought the building in 2001 for $750 million with Allied Partners, which later sold its share to Boston Properties. In 2014, Boston Properties announced it sold a 45 percent interest in the building to affiliates of Norges Bank Investment Management for $1.83 billion, a deal that included a 45 percent interest in two buildings in Boston.