Law Firm Signs 60 KSF Sublease at 425 Lexington Ave.

In a deal brokered by Savills Studley, Holwell Shuster & Goldberg LLP will occupy three floors in JP Morgan Asset Management's Class A tower.

425 Lexington Ave., New York City
425 Lexington Ave., New York City

Holwell Shuster & Goldberg LLP has signed a 16-year sublease with Simpson Thacher & Bartlett LLP for 59,750 square feet of office space at 425 Lexington Ave., in Manhattan. HSG will relocate its office from 750 Seventh Ave., by the end of the year, with plans to occupy the building’s 12th through 14th floors due to its current sublease expiration. Savills Studley Senior Managing Director Craig Lemle and Nick Zarnin represented the tenant in the transaction.

HSG wanted built, fully furnished law firm space in Midtown for its rapidly growing practice,” Zarnin said in a prepared statement. “By starting the search early, we were able to find a space that checked all the boxes and will allow HSG to grow into a premier office building at an attractive rent.

Diversifying the tenant mix

The JP Morgan Asset Management-owned, Class A, 31-story property comprises 750,000 square feet of office space and 13,400 square feet of retail space, according to Yardi Matrix. Managed by Hines, the tower was built in 1987 and has been fully occupied by the Canadian Imperial Bank of Commerce and Simpson Thacher since its completion.

Located in Midtown East, the building sits across from Grand Central Terminal. The asset is bounded by restaurants, hotels, retailers and other iconic buildings such as the Chrysler Building and the Graybar Building, to name a few.

Image courtesy of Hines