Shearman & Sterling Advises SL Green and Wharton Properties Joint Venture on Nike Global Flagship Lease in Prime New York City Location
Shearman & Sterling advised a joint venture of SL Green Realty Corp. and Jeff Sutton affiliates with respect to an expansion of their leasehold at 650 Fifth Avenue in New York City and a simultaneous lease transaction with Nike, Inc., the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. The new Nike lease comprises the building’s entire retail component consisting of the ground and five additional floors – an area of approximately 70,000 square feet. The building at 52nd Street is located on Fifth Avenue's most expensive retail strip.
The Shearman & Sterling team included counsel Peter Strauss
(New York–Real Estate), Gina Love (New York–Real Estate) and Paul Balaam
(London–Real Estate); associates Julie Fleischman (New York-Real Estate) and Andrew Smook (New York–Real Estate); and partner Chris Smith
(New York–Real Estate).