Law Firm Extends Lease and Expands Space on Lexington Avenue

NEW YORK CITY-Boston Properties’ flagship building in this city, the first of three, which opened in 1987, has just made plans with Shearman & Sterling, a law firm based in New York, to expand their current space by six full floors. Shearman is already the major tenant in the building with 443,000 sf of space. In signing on for the additional space, which would bring their total to 578,000 sf, Shearman can extend its lease maturity by five years, bringing the term of the lease to 20012.

“The extension is for Shearman’s entire lease,” Boston Properties’ vice president and manager of the New York office Robert Selsam tells GlobeSt.com. The rent on the expansion, which will occur in 2002, will be determined then and then the rent on the extended lease will be determined in 2007 for all of their space he explains.

When asked which floors Shearman would occupy within the building, Selsam says, “It’s too hard to say right now; the scenarios could be different. Basically, they’ll be taking the six floors above them.” When asked which floors the law firm currently occupies, he explains that they have some space on almost if not all 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 its expansion and extension options. 599 Lexington Ave. remains our flagship building in New York, and we are delighted that the firm will continue to call it home for the foreseeable future.” Stephen R. Volk, senior partner of Shearman & Sterling writes in the same document, “We are very pleased to make 599 Lexington Ave. our headquarters. Exercise of this expansion and extension option enables us to continue to expand and remain in this fine building for years to come.” No one from the law firm was available for comment by press time.

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