Shearman And Sterling

News August 14, 2018

Solow Realty Affiliate’s Lease of Prestigious Manhattan Office Tower

Confirming its status as one of New York City’s most iconic and sought-after office towers, Shearman & Sterling represented an affiliate of Solow Realty & Development Company on its lease with Apollo Management Holdings L.P. at 9 West 57th Street, often referred to as the most prestigious office tower in Manhattan. The transaction with Apollo, a long-standing occupant of the building, included a significant extension of the term and an expansion of Apollo’s footprint in the building. In keeping with the continuous commitment from the building’s ownership to ensure it maintains its well-deserved prestigious reputation, the owner has undertaken a modernization program in the building, including the elevators.

Apollo committed to an initial term of 15 years, with two five-year renewal options. The lease also includes options to expand in full floors in both the base and tower of the building for a potential increase of 68,000 rentable square feet. Apollo increased its tenancy from approximately 109,000 rentable square feet of space to approximately 175,200 rentable square feet, covering three full floors in the base of the building and two upper tower floors. This transaction confirms the building’s position in the marketplace and sends a laudatory message about its ownership, quality and leasing team.