Real Estate

Watch this space: The 10 most lucrative office leases of 2015

therealdeal.comStep 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

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