Two Tenants Renew and Expand at RXR’s 450 Lexington and 530 Fifth

An investment management firm and a law practice are staying put in two RXR buildings, Commercial Observer has learned.

Nagashima Ohno & Tsunematsu, one of the largest law firms in Japan, tacked on an additional 3,480 square feet on the 39th floor of 450 Lexington Avenue and renewed the 6,275 square feet it leases on the 37th floor, according to the landlord.

The law firm signed a six-year deal for the 9,755 square feet and asking rent in the building is $135 per square foot, RXR said.

Meanwhile, Arbiter Partners Capital Management signed a six-year renewal of its 7,803-square-foot space at RXR’s 530 Fifth Avenue, an office that spans the entire 20th floor, according to the landlord. Asking rent was $80 per square foot.

“The tenant renewals and expansions at 530 Fifth Avenue and 450 Lexington Avenue speaks to the strength of our tenant offerings in both buildings, which significantly contributed to 450 Lexington Avenue’s full occupancy,” RXR’s William Elder said in a statement. “We will only continue to innovate our portfolio in 2025 and beyond.”

Newmark (NMRK)’s David Emden and Robert Emden handled the deal for Arbiter and while RXR had in-house representation from Andrew Ackerman and Walter Rooney. Newmark did not immediately respond to a request for comment.

Evan Fiddle of CBRE (CBRE) represented the Nagashima Ohno & Tsunematsu in the deal while Ackerman, Rooney and Heidi Steinegger negotiated on behalf of RXR in-house. CBRE did not immediately respond to a request for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.