Kirkland & Ellis Nails Down Big Expansion at 601 Lexington Avenue
By Rebecca Baird-Remba December 12, 2017 1:30 pm
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One of the world’s most successful law firms is growing at the former Citigroup Center in Midtown East.
Kirkland & Ellis, which is considered the world’s second highest-grossing law firm with $2.65 billion in annual revenue, signed a deal to expand its space at 601 Lexington Avenue to 520,000 square feet, according to The Real Deal. The 108-year-old firm will grow by 120,000 square feet at Boston Properties’ 59-story tower between East 53rd and East 54th Streets.
The expansion comes two years after Kirkland & Ellis signed an early renewal for 400,000 square feet on a lease that will run through 2039, Commercial Observer reported in 2015. Asking rents in the building are “north of $100 a square foot,” TRD noted. The building is also home to tenants like investment bank BTG Pactual, Blackstone Group’s Innovations team and General Motors.
JLL (JLL)’s Frank Doyle, Cynthia Wasserberger and Dave Kleiner and Boston Properties’ Andy Levin are responsible for leasing at the 915-foot-tall building. Savills Studley’s Mitchell Steir, Matthew Barlow, Greg Taubin, David Goldstein and Jason Perla handled the deal for Kirkland & Ellis. A JLL spokesman didn’t respond to a request for comment, and Savills Studley’s brokers declined to comment through a spokeswoman.
The Chicago-based firm is known for its private equity, restructuring and intellectual property practices. Toys “R” Us recently hired Kirkland & Ellis to restructure roughly $400 million in revolving and long-term debt due in 2018, as CO reported in September. Its real estate clients have included Starwood Capital Group, casino company Caesars Entertainment Operating Co. and mall operator Macerich.
