Shearman & Sterling represented Wharton Properties, which is wholly owned by Jeff Sutton, in a joint venture with General Growth Properties for the acquisition of Manhattan's Crown Building at 730 Fifth Avenue for a reported $1.75 billion, setting a world record for price paid per square foot for an entire office building. The tower at 57th Street and 5th Avenue in Midtown includes retail space taken by Bank of America, Piaget, Bulgari and Mikimoto.

The Shearman & Sterling team included counsel Peter Strauss (New York-Real Estate) and partner Chris Smith (New York-Real Estate).