3 leases signed at 450 Lex.

During the past 90 days, three leases totaling 76,000 square feet have been signed at 450 Lexington Avenue, Midtown Manhattan's newest office, according to Sterling Equities, Inc. and Hines Interests Limited Partnership. The building, which rises above the Grand Central Post Office, is now 62 percent leased.

The fact that 450 Lexington is an all-equity building has been a critical part of its success," said Alice C. Early, director of Leasing. "At a time when the ownership of many new buildings is uncertain, stable sponsorship is a more important consideration than ever before. The building also has the best location of any new development in Midtown Manhattan."

The recent leases include:

*ROLM Company, a telecommunications subsidiary of IBM and Siemens, has leased 46,500 square feet. The company plans to relocate from 237 Park Avenue in early April. James S. Saunders, Esq. and David Kaufman of Peter R. Friedman, Ltd. represented ROLM in the transaction. *UNUM Corp., a Portland, Maine-based property and casualty insurance company, has leased 22,500 square feet. It will relocate from 708 Third Avenue in the beginning of March. Brian J. Dugan of Cushman Realty, Inc. represented UNUM. * Argus Realty Services, Inc., an international real estate investment company, has leased 7,200 square feet. Already in occupancy at 450 Lexington, the firm was formerly located at 1211 Avenue of the Americas.

450 Lexington is being developed and will be owned by a four-part equity partnership consisting of Sterling Equities, Inc., Hines Interests Limited Partnership, the Prudential Insurance Company of America and Shell Pension Fund Foundation (Netherlands). Sterling and Hines will manage the completed property.

The 40-story, 900,000-square-foot office tower was over 50 percent pre-leased to the law firm of Davis Polk & Wardwell, which will occupy 479,000 square feet by mid-May. Designed by worldrenowned architect David M. Childs of Skidmore Owings & Merrill, 450 Lexington rises above the neo-classical eight-story Grand Central Post Office. The exterior renovation of the Post Office and the reconfiguration of the interior for Postal Service use has been designed by the firm of Hellmuth, Obata & Kassabaum.