Law firm Brown Rudnick Berlack & Israel LLP committed to the 47th and 46th floors as well as other options totaling more than 50,000 sf at Boston Properties' Times Square Tower. The 15-year lease represents a significant expansion for Brown Rudnick, which was formerly based at 120 W. 45th St.
OZF Capital, soon to be named Cyrus Capital, a hedge fund with more than $1.2 billion under management, has signed a 20,400-sf nine-year sublease from Unilever for the top floors 20 and 21 at 390 Park Ave. The firm is moving from 9 West 57th St.
CBRE's Scott Pudalov, Alan Wildes, and Gary Kamenetsky arranged both transactions for the tenants. John Cefaly and Don DiRenzo Jr. of Cushman & Wakefield acted for Unilever. At Times Square Tower, CBRE's John Powers, Peter Turchin, and Timothy Gibson represented Boston Properties.
"Brown Rudnick recognized the inherent value of space efficiency, amazing views, and the latest building technology that Boston Properties had employed at 7 Times Square," says Wildes. "Furthermore, the landlord went out of their way to accommodate Brown Rudnick's continuing expansion strategy."
Times Square Tower is now 90% leased. Other tenants in the 1.2 million-sf tower include legal concerns O'Melveny & Myers; Heller, Erhman, White McAuliffe; Condon & Forsyth, and Pitney Hardin, Kipp and Szuch LLP, among others.
"Due to the recent increased interest in unique penthouse office space, it was essential that the tenant be decisive about committing to the premises," notes Kamenetsky of the Cyrus Capital transaction. "The tenant, the brokers for the sublessor and the landlord all worked quickly and cooperatively to conclude the transaction, even though subleases can typically take longer to arrange than direct deals." The 290,000-sf 390 Park Ave. is also home to Alcoa, Thomas Weisel Partners, and Unilever US Inc.
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