Leases  ·  Office

Asset Manager Renews 31K-SF Lease at 601 Lexington Avenue


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 (C) Center, between East 53rd and East 54th Streets. There was no official asking rent.

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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.