Transforming its office space and gaining a better view, Kirkland & Ellis has signed a 20-year lease extension with Boston Properties Inc. for its headquarters to remain at 601 Lexington Ave. at East 53rd St. The parties have negotiated a plan whereby several of the law firm's floors will be restacked onto higher floors without taking additional square footage.
Kirkland, which has been a tenant since 1993, leases 403,000 square feet. The extension will begin when the current lease expires in 2019...
"After an extensive study of all possible relocation alternatives, including new development, an early extension at this signature Manhattan tower was clearly Kirkland's best option," Mitchell Steir, chairman and CEO at Savills Studley, said in a statement. The real estate group handled the lease for the firm.
Kirkland & Ellis, established in 1909, has offices in 12 cities around the world, including Chicago, Houston, Los Angeles, Washington, D.C., Beijing, London and Munich. It has a roster of nearly 1,600 attorneys, including more than 400 in New York City who serve clients in complex litigation, corporate and tax, intellectual property restructuring and counseling matters.
Boston Properties, a self-administered, self-managed real estate investment trust, was founded in 1970 by Mortimer Zuckerman and Edward Linde in Boston. In addition to New York City and Boston, the real estate group has properties in San Francisco and Washington, D.C., Maryland and Virginia.
Boston Properties' John Powers, senior vice president and manager of the New York office, and Andrew Levin, senior vice president, leasing, handled the lease extension.
Steir led a Savills Studley team that included Matthew Barlow and David Goldstein, executive vice presidents; Greg Taubin, executive managing director; and Jason Perla, senior managing director.Marketplace 1/21/2015
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