International law firm Kirkland & Ellis has renewed its massive lease at the former Citigroup Center in Midtown, even though the contract doesn’t expire for another four years.
The firm renewed its more than 400,000-square-foot lease for another 20 years, according to the Wall Street Journal. The firm, which last year grew by 30 attorneys to a total of 400, is the largest tenant in the building at 601 Lexington Avenue. Boston Properties and Norges Bank Investment Management, an arm of the central bank of Norway which bought a 45 percent stake in the building in September, own the tower.
The firm’s new lease extends until 2039. Rents in the tower are between the high $60s per square foot for the lower floors and more than $150 per square foot for the higher floors.
A Savills Studley team led by Mitchell Steir, Matthew Barlow, Greg Taubin, David Goldstein and Jason Perla brokered the deal.
Other tenants have also been renewing leases early, not only to secure their space but also because they’re anticipating an acceleration in the office market, according to the newspaper. [WSJ, 2nd] — Claire Moses