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.

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