"Due to our firm's rapid growth we had to expand our office space to meet our current business needs and to allow room for future expansion," says the firm's David J. Bershad. The transaction also provides for the option to lease future expansion space within the firm's same elevator bank.
CB Richard Ellis' Scott Gottlieb, Michael Laginestra, Lewis Miller, Joan Meixner and Stephen Siegel arranged the 15-year renewal and expansion on behalf of Milberg Weiss. Vornado negotiated directly through Daniel North and David Greenbaum. Attorneys involved in the negotiations included Scott I. Schneider of Loeb & Loeb LLP who acted for Milberg Weiss and Ronald D. Sernau of Proskauer Rose who negotiated on Vornado's behalf.
"CBRE undertook an extensive market search to identify the best solution for the office space requirements of Milberg Weiss," notes Miller. "The right answer was to continue a positive, long-term relationship with Vornado, which now includes a landlord allowance for office renovations."
This deal comes right after another law firm, Latham & Watkins LLP, entered into an expansion agreement to occupy an additional 80,000 sf in the Tishman Speyer-owned Lipstick Building at 885 Third Ave. This brings the firm's total building occupancy to 16 floors and nearly 320,000 sf. CBRE's executive managing director Scott Gamber represented Latham & Watkins in the 15-year deal, while Calvin Farley and Mark Packman served as in-house representatives.
One Penn Plaza is a 2.4-million-sf, 57-story, class A office tower located on an entire city block, between Seventh and Eighth avenues and West 33rd and 34th streets. Built in 1972, the property has 14 entrances, 44 elevators and a 695-car underground parking garage, as well as direct access to Penn Station. Major tenants include GMAC, Cabletron Systems, Cisco Systems, First Albany, Smith Barney and DDK & Co. Space in the building is advertised at $35 per sf.
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.
