Noble Carpenter, Mark Marasciullo and Jay Miele are the Jones Lang LaSalle team handling the sale, the third assignment in the tri-state area for the Capital Markets group since the beginning of the year.

"This property offers investors a unique opportunity to acquire a premier building in Downtown Manhattan that is perfectly suited for a residential conversion," says Carpenter, managing director for Jones Lang LaSalle.

The 325,000-sf office building is the result of combining three 80-year-old office buildings into a single modern complex. The owner fully redeveloped the site in 1984 earning it the New York City Chapter of the Building Owners and Managers Association award for "Best Major Alteration of the Year," in 1985. Cadwalader, founded in 1792, also maintains meeting space in Midtown at 350 Park Ave. and offices in Washington, D.C., Charlotte, NC and London. According to Studley, who is looking for space for the firm, Cadwalader, Wickersham & Taft is looking for half a million sf Midtown and Downtown and/or looking at upwards of 75,000 sf in one or more locations in the tri-state-area suburbs.