NEW YORK CITY-Law firm Shearman & Sterling LLP has renewed its lease for 38,745 square feet at 850 Third Ave., also known as the Discovery Building. The full-floor deal will keep the 137-year-old firm at 850 Third, where it maintains a portion of its New York offices, for five more years.
A Cushman & Wakefield team of Franklin Speyer, Amy Fox, William Fressle, Robert Gastel and Jonathan Luttwak represented Shearman & Sterling in lease negotiations, while their colleagues Matthew Astrachan and Robert Galluci negotiated on behalf of Shorenstein Realty Services. Shorenstein’s Kevin Kuzemchak provided in-house representation. Lease terms were not disclosed; asking rents at neighboring Third Avenue properties are in the mid- to high $40s per square foot.
The 47-year-old 850 Third is itself a neighbor to Boston Properties’ 599 Lexington Ave., where Shearman & Sterling has a presence of about 500,000 square feet. The 599 Lex lease is due to roll in 2012.
Last week, C&W and CB Richard Ellis both reported that office leasing year to date has rebounded from the below-average activity seen in the first half of 2009. A report issued earlier this week by Colliers International similarly noted that the second quarter generated 21% more leasing activity than during the prior quarter, while the 6.3 million square feet of deals signed during the quarter was up more than double the leasing velocity year over year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
