Gary Barnett Nabs Massive Lease for Midtown Office Tower at 570 Fifth Ave

Real estate mogul Gary Barnett, known for his high-profile developments in New York City, has struck a major deal for his latest project. According to reports, Barnett's firm Extell Development has secured a massive lease with global law firm Simpson Thacher & Bartlett for his Midtown office tower at 570 Fifth Ave.

The deal, which is nearing closure, will see Simpson Thacher & Bartlett take up approximately 700,000 square feet of space at 570 Fifth Ave, making it the second-largest office lease signed in New York this year. The only deal that surpasses it is New York University's 1.1-million-square-foot lease at 770 Broadway.

The news of this deal has raised questions about the fate of Simpson Thacher's longtime home at 425 Lexington Avenue. The firm has already subleased parts of that space in recent years, leading to speculation about whether they will be vacating the building entirely and relocating to 570 Fifth Ave.

However, neither Extell nor Simpson Thacher have confirmed or denied the move, leaving many to wonder about the fate of 425 Lexington Avenue and the potential ripple effects on the Midtown office market.

Originally reported by The Real Deal: https://therealdeal.com/new-york/2025/09/12/extell-finds-anchor-tenant-for-midtown-office-tower/

https://therealdeal.com/new-york/2025/09/12/extell-finds-anchor-tenant-for-midtown-office-tower/