Fox Horan & Camerini has signed a long-term deal to sublease the 19,270-square-foot 17th floor in the Lipstick Building, Commercial Observer has learned. The international law firm will be relocating from 825 Third Avenue between East 50th and East 51st Streets as its lease expires next year.
The deal is through 2026 with an asking rent in the low $70s per square foot, according to a spokeswoman for Newmark Knight Frank, which represented the subtenant in the deal.
“We were very pleased to find space of this high quality that almost perfectly suited our firm’s unique needs,” Bill Kaplan, the managing partner at Fox Horan & Camerini, said in a prepared statement. “We look forward to our new home with enthusiasm.”
Fox Horan & Camerini’s space in the Lipstick Building, at 885 Third Avenue between East 53rd and 54th Streets, is leased to StepStone Group, which is relocating to 450 Lexington Avenue, as CO recently reported.
“Without contiguous space available to expand into at 885 Third Avenue, we needed to find StepStone a new home in Midtown East, while simultaneously marketing the company’s existing office space for sublease,” said Savills Studley‘s David Carlos, who along with Savills Studley’s Kurt Handschumacher and David Dwight represented StepStone in the sublease. “We were able to negotiate a transaction for a premium floor in a Class A building that will accommodate their continued growth. Simultaneously, we secured a creditworthy subtenant for StepStone’s current space.”
StepStone signed a lease for the Lipstick Building floor in 2015, as CO reported at the time. Since then it outgrew its space—which was formerly occupied by Bernard L. Madoff Investment Securities, the wealth management firm through which convicted fraudster Bernard Madoff ran his multibillion-dollar Ponzi scheme until his arrest in 2008—at the 646,000-square-foot office tower.
Newmark Knight Frank’s Chris Mongeluzo, Moshe Sukenik and Corey Borg represented Fox Horan & Camerini in the transaction.
Other tenants in the 34-story Lipstick Building include law firms Cohen Clair Lans Greifer Thorpe & Rottenstreich, which renewed its 13,500-square-foot space last June, Latham & Watkins and Reitler Kailas & Rosenblatt.
