The Real Estate Board of New York has extended its 23,031-square-foot lease for more than 10 years at 570 Lexington Ave., a 50-story office tower in Midtown Manhattan, owned by The Feil Organization. REBNY has been a tenant at the property since 1998.
Lawrence Lenzner, attorney with Patterson Belknap Webb & Tyler, brokered the lease on behalf of the tenant. The landlord handled the lease in-house, led by Legal Counsel Brian Palumbo and Senior Corporate Counsel Tom Ruggiero.
Originally completed in 1932, the 450,622-square-foot 570 Lexington Ave. was completely renovated in 1998, according to CommercialEdge. The same source reveals that the office building incorporates 7,521 square feet of retail, on-site conference rooms and 150 parking spots. Cornell University, Mukasey Frenchman, R&G Brenner, Newport Group, Urbanspace and Schnipper are among the other tenants at the property.
Located within Midtown’s Plaza District submarket, the office high-rise is located close to Grand Central. Additionally, the building is surrounded by an array of corporate landmarks, retail, dining and hospitality options, as well as various entertainment and cultural destinations.
REBNY’s renewal comes alongside a gut renovation plan for the entire second floor and the 4,532-square-foot partial concourse level that the organization occupies. While offices, classroom, restrooms and common areas renovations are underway, REBNY will temporarily relocate to The Durst Organization’s 733 Third Ave. The reopening at 570 Lexington Avenue is slated for the third quarter of 2023.
As highlighted in a recent CommercialEdge report, Manhattan’s vacancy rate increased by 3.5 percent over the previous 12 months, hitting 14.8 percent as of November 2022. Despite a slight increase in office vacancy, Midtown’s total leasing exceeded 22 million square feet in 2022, according to Newmark. This milestone in the borough’s inventory marks a 23.2 percent year-over-year improvement.
Earlier this month, Fox Corp. and News Corp. signed two long-term lease extension agreements at Ivanhoé Cambridge’s 1211 Avenue of the Americas, for a total of 1.2 million square feet. Meanwhile, private equity firm Incline Equity Partners inked a 18,000-square-foot lease at HJ Kalikow & Co.’s 101 Park Ave. office tower in Midtown Manhattan.