Final Days of 2023 End on a High Note as Pair of Big Block Midtown Deals Close
Just days before the we ring in the New Year a pair of big block deals reached the finish line. Leading the way is one on the largest U.S. office leases signed by international law firm Paul, Weiss, Rifkind, Wharton & Garrison. The relocation deal will see the firm expand from its current office of about 538,000 square feet at 450 Lexington Avenue to 765,000 square feet under a 20-year lease at 1345 Avenue of the Americas. Paul Weiss to initially occupy 18 floors within the 50-story, approximately 2 million-square-foot tower that recently completed a $120 million major overhaul. The second deal will keep MetLife at its namesake tower following the signing by the insurance company of an 11-year extension to 2038 for its 400,000-square-foot headquarters that spread across five floors within 200 Park Avenue, making it this year’s 6th largest office lease in New York City. The financial terms of both transactions were not disclosed.