Julien J. Studley Inc. vice chairman Mitchell Steir and executive managing directors Michael Colacino and Matthew Barlow represented the tenant, law firm Goodwin Proctor LLP, in the transaction. Insignia/ESG brokers Timothy Gibson, John Powers and Michael Goldman represented the building owner. Terms of the deal were not released, but asking rents for high-end law firm space in the building are $80 per sf.
"Securing additional fully improved law firm space in the same elevator bank was the perfect solution to Goodwin Procter's needs at this time, Steir says. According to Steir, Goodwin Procter, which acquired locally based law firm Schnek, Weltman & Hashmall in March, will move into the 30th floor offices this spring, when law firm Jones Day vacates the space. Steir, Colacino and Barlow arranged the Jones day relocation to a 230,000-sf space at 222 E. 41st St.
Completed in 1986, 599 Lexington Ave. is a one million-sf class A office tower. Its front entrance is on 53rd Street and the building has direct subway access. The site is 45,187 sf and floor sizes range from 7,600 sf to 35,570 sf.
Office tenants include Boston Properties, Shearman & Stearling, Babcock & Brown, Reed Smith and Compass Partners. Retailers include Fleet Bank, Starbucks and Europa Grill.
Headquartered in Boston, Goodwin Procter has offices in New York, New Jersey and Washington, DC. The firm employs roughly 500 attorneys focusing on private equity and emerging companies, intellectual property and technology, financial services and energy law as well as real estate development, securities and investment management. Its acquisition of Schneck Weltman & Hashmall brought 15 attorneys to the firm and expanded its expertise in the areas of product liability and tort litigation.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
