Savills Expands Footprint in Midtown East at Rudin’s 560 Lexington
Savills Expands Footprint in Midtown East at Rudin’s 560 Lexington
Global real estate advisor Savills has secured a significant expansion in New York City, leasing 20,481 square feet at BXP and Rudin’s 560 Lexington Avenue. The firm will occupy the entirety of the third floor in the 22-story Midtown East tower under a five-year agreement, according to an announcement from the landlord.
The new space will house Savills’ program and project management group. This lease follows the firm’s recent acquisition and integration of Eastdil Secured, a move that broadened its capital markets platform. The new office is located just four blocks north of the company’s U.S. headquarters at 399 Park Avenue, allowing for geographical proximity to its existing operations while accommodating recent growth.
The transaction adds to a busy year for 560 Lexington. The property has recorded over 110,000 square feet of completed leases in 2026. Recent activity includes deals with SummitTX Capital, Ally Bridge Group, Marex, and Dynasty Equity, highlighting sustained tenant interest in the asset.
Specific rental terms for the Savills transaction were not disclosed. However, market data from Colliers indicates the average asking rent for Midtown office space stood at $84.88 per square foot in July.
On the landlord side, Rudin’s Kevin Daly and Craig Panzirer handled the deal in-house, supported by a team from CBRE Group including Brett Shannon, Peter Turchin, Eric Deutsch, Lauren Levy, and Jacob Rosenthal. Savills represented itself in the negotiations.
In the market, CBRE Group shares were down 3.27% today, trading at $148.34. BXP, Inc. shares were relatively flat, down 0.07% to $70.25.
What to watch
- Upcoming earnings reports from BXP regarding leasing velocity and occupancy rates in New York City.
- Future guidance from CBRE on demand for advisory and project management services in the commercial sector.
Source: original release