NEW YORK CITY-Law firm Shearman & Sterling LLP has renewedits lease for 38,745 square feet at 850 Third Ave., also known asthe Discovery Building. The full-floor deal will keep the137-year-old firm at 850 Third, where it maintains a portion of itsNew York offices, for five more years.
A Cushman & Wakefield team of Franklin Speyer, Amy Fox,William Fressle, Robert Gastel and Jonathan Luttwak representedShearman & Sterling in lease negotiations, while theircolleagues Matthew Astrachan and Robert Galluci negotiated onbehalf of Shorenstein Realty Services. Shorenstein’s KevinKuzemchak provided in-house representation. Lease terms were notdisclosed; asking rents at neighboring Third Avenue properties arein the mid- to high $40s per square foot.
The 47-year-old 850 Third is itself a neighbor to BostonProperties’ 599 Lexington Ave., where Shearman & Sterling has apresence of about 500,000 square feet. The 599 Lex lease is due toroll in 2012.
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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.
