"During our search, the market continued to move down, which enabled us to lease class A space off Park Avenue, affording us additional efficiencies and cost savings," Heather W. Rutner, the firm's director of administration, tells GlobeSt.com.
The firm has signed a 13-year lease for two floors at the Plaza District tower, which has an asking price of $72 per sf. The firm previously called 505 Park Ave. home where they occupied approximately 30,000 sf of space.
Partners Samuel P. Ross, Eric L. Goldberg and Thomas D. Kearns represented Olshan Grundman in the sublet deal from the law firm of Paul Hastings Janofsky & Walker LLP. Partners Stuart Mass and Robert J. Wertheimer of Paul Hastings represented Paul Hastings in the real estate transaction. Newmark and Co. represented Paul Hastings and Grubb & Ellis New York, Inc. represented Olshan Grundman.
Built in 1986, the 36-floor tower is located between 55th and 56th streets and includes more than 571,000 sf. It is known for its panoramic views of the city and a landscaped 7,000-sf plaza.
Olshan Grundman, founded in 1963, is a business boutique firm which offers legal expertise in corporate and securities law, real estate, commercial litigation, banking, creditors' rights and bankruptcy, tax and trusts and estates law. Olshan Grundman, which currently has more than 600 attorneys on staff, serves a client base comprised of public companies, private equity and venture capital investors, investment bankers and broker dealers, real estate investors, owners and developers, banks and financial institutions.
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