Ultimately, the firm decided they couldn't recreate the prestige and overall quality of their existing space at a price point compelling enough to warrant a relocation.
New York, NY (PRWEB) March 11, 2015
Apax Partners L.P., one of the world’s leading private equity investment groups, has extended their lease at 601 Lexington Avenue. Savills Studley, the leading commercial real estate services firm specializing in tenant representation, managed the 10-year renewal. Apax Partners has occupied the entire 53rd floor, a total of 31,400 square feet, since 2005.
Savills Studley Executive Vice President, New York Tri-State Region Stephen Berliner and Executive Vice President Daniel O. Horowitz led the transaction, along with Executive Managing Director Jeffrey Peck, Assistant Director Peter Cipriano and Associate Director Gary Kerper. Andrew Levin and Peter Hansen of Boston Properties represented the landlord in-house.
According to Horowitz, Apax Partners explored multiple alternative locations prior to recommitting. “Ultimately, the firm decided they couldn’t recreate the prestige and overall quality of their existing space at a price point compelling enough to warrant a relocation. Boston Properties continually re-invests in this asset, making it a true trophy building.”
Similarly, Berliner noted the amenities of 601 Lexington Avenue as particularly attractive, “Apax Partners’ breathtaking views and class-A space coupled with a highly functional infrastructure were features that the investment group valued,” he said.
The building, located in the heart of Midtown Manhattan, has direct access to atrium shops, restaurants, a health club and sits atop a subway station.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 25 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 27,000 professionals and over 600 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit http://www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.