Law firm Simpson Thacher & Bartlett has committed to 916,000 square feet at Extell Development’s new 570 Fifth Ave. tower in Midtown Manhattan, the New York Business Journal said, citing a report from Colliers. The lease upsizes a Simpson Thacher presence that was initially reported as 700,000 square feet last fall.
It’s the largest new office lease signed in Manhattan year to date and the second largest lease overall this year, second only to Bank of America’s expansion at 1 Bryant Park. The 25-year lease includes two 10-year extension options, the Business Journal reported.
The lease agreement also sets limits on the types of tenants Extell can sign to the property’s remaining retail space, which will be occupied primarily by Ikea. Extell is forbidden from leasing 570 Fifth retail space to fast-food chains, discount department stores, pharmacies, government agencies, grocery or liquor stores, discount retailers, some jewelry stores, cannabis-related uses, adult or obscene uses, gambling, co-working spaces and low-cost gyms.
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