"The extension is for Shearman's entire lease," BostonProperties' vice president and manager of the New York officeRobert Selsam tells GlobeSt.com. The rent on the expansion, whichwill occur in 2002, will be determined then and then the rent onthe extended lease will be determined in 2007 for all of theirspace he explains.


When asked which floors Shearman would occupy within thebuilding, Selsam says, "It's too hard to say right now; thescenarios could be different. Basically, they'll be taking the sixfloors above them." When asked which floors the law firm currentlyoccupies, he explains that they have some space on almost if notall floors from level two through 16, as well as some on floor 19."It's complicated," he adds.


He reaffirms his sentiments expressed in a written statement."We are very pleased that Shearman & Sterling has exercised itsexpansion and extension options. 599 Lexington Ave. remains ourflagship building in New York, and we are delighted that the firmwill continue to call it home for the foreseeable future." StephenR. Volk, senior partner of Shearman & Sterling writes in thesame document, "We are very pleased to make 599 Lexington Ave. ourheadquarters. Exercise of this expansion and extension optionenables us to continue to expand and remain in this fine buildingfor years to come." No one from the law firm was available forcomment by press time.


Boston Properties also owns 875 Third Ave., 280 Park Ave. and 5Times Square.

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