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News Dec 13, 2016

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).