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  5. 118 A.D.2d 433 (1986)
 

MATTER OF INST. OF INT'L EDUC.

118 A.D.2d 433 (1986)

In the Matter of the Arbitration between Institute of International Education, Respondent, and Permanent Mission of Spain to the United Nations, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

March 11, 1986

Petitioner Institute of International Education (Institute) owns an office building located at 809 United Nations Plaza. Pursuant to a lease, respondent The Permanent Mission of Spain to the United Nations (Mission) occupies the sixth floor of the premises. Clause 35 (a) of the lease provides, in pertinent part, that the tenant has the option of renewing the lease "at the then fair market value of space similarly situated and serving a similar purpose at the time of renewal...

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