therealdeal.com – Step into my (very pricey) office.
The 10 most lucrative New York City office leases signed in 2015 are expected to bring landlords more than $4.6 billion in revenues over the life of the deals, according to a new analysis by The Real Deal with data from commercial real estate research firm CompStak.
Midtown, which ranks as the 10th-priciest office market in the world, saw the greatest concentration of the city’s big-ticket deals, taking seven spots on the list.
Global law firm Kirkland & Ellis’ 400,000-square-foot lease renewal at 601 Lexington Avenue ranks as the most lucrative office lease of 2015 – with the 20-year deal expected to generate around $1.1 billion in rent for the landlords, Boston Properties and Norges Bank. Kirkland & Ellis will pay rents starting in the $90s per square foot, CompStak data show, for the right to remain at the 59-story, 1.6 million-square-foot tower. The law firm is exchanging some of its lower floors for higher floors as part of the early-renewal deal, in which it was represented by Savills Studley.
Categories: Real Estate