Jonathan Buchman, senior director at Cushman & Wakefield, represented the laws firm, while owner S. L. Green Realty Corp. was self-represented. The specific value of the deal was undisclosed, but Buchman tells GlobeSt.com it was below $43 per sf, the average asking rent in the building.
The new space will allow the firm will to double its Manhattan staff, from 30 to 60. This firm also plans to beef up its second office. "We are looking at increasing the size of the White Plains office as well," says Buchman. "They're going through rapid growth," he says.
Terms of the lease include a modified build-out of the space. "The complete existing installation that was being marketed did not work well," says Buchman. The existing space was modified in collaboration with the owner's architect in what was essentially a cosmetic renovation. "This was a very cost effective way of building to meet their needs," says Buchman.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.