Savills Inks 20K-SF Deal at Rudin’s 560 Lexington Avenue

The deal-makers at Savills have struck a lease of their own. 

The global real estate advisory firm is expanding its New York City presence by 20,481 square feet at Rudin’s 560 Lexington Avenue, according to a Thursday announcement by the landlord. Savills will occupy the entire third floor at the 22-story Midtown East tower for a five-year term. 

Asking rent for the deal was not disclosed, but the average asking rent for Midtown office space was $84.88 per square foot in July, according to Colliers. 

Rudin’s Kevin Daly and Craig Panzirer represented the landlord in-house in the deal, alongside a CBRE team of Brett Shannon, Peter Turchin, Eric Deutsch, Lauren Levy and Jacob Rosenthal. Savills represented itself in the transaction.

Savills’ new office space sits four blocks north of its U.S. headquarters at 399 Park Avenue. 

The new lease will accommodate Savills’ program and project management group, a spokesperson for the brokerage told Commercial Observer. The added elbow room comes just a few weeks after Savills completed its acquisition and launch of Eastdil Secured Savills in a major platform expansion.

Situated at the corner of East 50th Street and Lexington Avenue three blocks east of Rockefeller Center, 560 Lexington has attracted more than 110,000 square feet of deals that have now been completed there this year, according to BXP. 

Hedge fund SummitTX Capital took nearly 18,000 square feet across the 19th floor earlier this year, Commercial Observer reported, followed by investment firm Ally Bridge Group’s 6,440-square-foot relocation in May, financial firm Marex’s 39,552-square-foot deal in April, and sports investment firm Dynasty Equity’s 9,910-square-foot lease in June.

Emily Davis can be reached at edavis@commercialobserver.com.