Taking advantage of the favorable rents in a recession-wracked real estate market, Willkie Farr & Gallagher has exercised an option to renew early its lease with AXA Equitable, at 787 Seventh Ave.

The firm locked in two five-year extensions that will start when the current lease expires at the end of August 2017. For more than two decades, the space has been a second home to the firm’s 858 employees, including its 400 attorneys.

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