Law Firm Shearman & Sterling Reups 338K-SF Midtown Headquarters
By Nicholas Rizzi January 23, 2020 3:09 pmreprints
Law firm Shearman & Sterling inked a deal to keep its 338,000-square-foot headquarters at Boston Properties’ 599 Lexington Avenue in Midtown, the companies announced today.
Shearman & Sterling signed a 20-year lease renewal for its 13 floors of offices — which span from the second to 15th floors — in the 47-story building between East 52nd and East 53rd Streets.
Spokespeople for Boston Properties and Sherman & Sterling did not provide the asking rent, but CoStar (CSGP) Group data shows it ranges from $79 to $97 per square foot.
Shearman & Sterling — which has 23 offices around the world — has been in the Midtown property for nearly three decades and its current lease was set to expire in August 2022, according to Boston Properties. The law firm plans to start renovations on its space in the second half of the year that will have “eco-friendly amenity spaces” along with new conference rooms, a library and cafe, the law firm said. The work is set to be finished by the winter of 2023.
“Renewing our lease enables us to design a space that will leverage technology, incorporate wellness and sustainability elements to provide a working environment that enables more collaboration and sparks even greater creativity and efficiencies for our people,” Lisa Brill, Shearman & Sterling’s Americas managing partner, said in a statement. “We are excited to stay and re-imagine a space that will adapt to our future business needs and look forward to welcoming our clients to our offices.”
Lewis Miller, Andrew Sussman, Brenden Herlihy, Scott Gottlieb and Michael Laginestra of CBRE (CBRE) represented the law firm. Boston Properties did not have any brokers in the deal. A CBRE spokeswoman did not immediately respond to a request for comment.
Other tenants in Boston Properties’ 1.1-million-square-foot property include law firm Reed Smith, investment bank Cowen and economic consulting firm Cornerstone Research.
“This renewal underscores the advantages that 599 Lexington Avenue provides to tenants seeking the most convenient, transit-oriented location in the city, modern amenities and premier place and space,” John Powers, Boston Properties’ executive vice president of the New York region, said in a statement. “We are excited about the new retail and place-making enhancements as part of this unique live, work and play ecosystem.”