Early Renewal Trend Continues

NEW YORK CITY-International law firm Fulbright & Jaworski expanded its local office at 666 Fifth Ave. to 136,000 sf. Continuing the trend of early renewals, the firm renewed its existing 107,000-sf lease two years early and added 29,000 sf of space. The new 12-year lease enables Fulbright to expand into contiguous space in the building. No financial information was released; however, prices in the Tishman Building are advertised at $52 to $68 per sf.

Cushman & Wakefield’s David Rosenbloom and Charles Borrok represented the firm, while Calvin Farley and Blythe Kinsler represented Tishman Speyer in-house. According to James Delmonte, director, research service for C&W, early renewals are a major trend as the market gains momentum. And in a company conference call, Reckson president and CEO Scott Rechler said he’s seeing early renewals “all over” and tenants actively looking for expansion space.

“We were able to capitalize on an opportunity to renew our lease early and take advantage of favorable market conditions,” points out Douglas Danzig, chairman of Fulbright & Jaworski’s real estate practice group. Founded in 1917, the firm has more than 900 lawyers and 50 integrated practice areas. Rosenbloom notes that C&W identified several “attractive alternative locations, an opportunity presented itself for a contiguous floor at 666 Fifth which enabled the firm to grow within the building rather than having to relocate.”