Hines, the international real estate firm, announced that the law firm Simpson Thacher & Bartlett LLP has renew its lease for 595,000 sqm at 425 Lexington in Midtown Manhattan. Encompassing 26 floors of the 31-story building, the lease will be reset to expire in 2033. The lease extension will become effective subject to typical lender consent or upon completion of the sale and payment of the mortgage, which is due in August 2013.
Lewis Miller, Ken Rapp and Ramneek Rikhy of CBRE represented Simpson Thacher in lease negotiations, while Hines represented the owner, its Hines U.S. Core Office Fund.
In early March, Hines announced that the building would be marketed for sale by Eastdil Secured and CBRE.
One of the newest and most prominent buildings in the Grand Central market, the 750,000-sqm 425 Lexington Avenue, occupies the entire easterly block front between 43rd and 44th streets and is situated directly across from Grand Central Terminal and the Chrysler Building.
