The firm will continue to occupy the 33rd, 34th, 35th and 36th floors of the 1.5- million-sf, 39-story building, which is owned by Boston Properties. Studley negotiated the lease for the firm. Studley represented Arnold & Porter in its original lease at the site and also handles the firm's real estate needs across the country. The firm's CEO and chairman Mitch Steir, along with executive managing director Howard Nottingham, executive vice president Matthew Barlow and senior managing director John Mambrino represented the firm. John Powers of CB Richard Ellis handled the transaction on behalf of the owner. Attorney Stewart Offner of Mintz Levin handled legal negotiations on behalf of Boston Properties, while Arnold & Porter was represented in-house by Jennifer Perkins.
Steir notes that the deal fits with the firm's long-term growth projections. "It was important that we were able to lock in future contiguous expansion options with attractive economics." The financial arrangements were not released; however, no direct lease space is currently available in the site.
Arnold & Porter is added to the growing list of law firms taking up large blocks of space. Two international law firms--Hunton & Williams and Gibson, Dunn & Crutcher--inked deals totaling 185,000 sf for office space at the three-million-sf MetLife building at 200 Park Ave. Full-service law firm Heller Ehrman White and McAuliffe inked a deal for 138,000 sf in the 1.2-million-sf Times Square Tower, also owned by Boston Properties.
Situated between East 53rd and 54th streets, the newly renovated 399 Park Ave. spans the block front from Park Avenue to Lexington Avenue. On its tenant roster are Citigroup, Lehman Brothers and Bingham McCutchen LLP. In August 2002, Boston Properties emerged victorious from a bidding war and signed a contract to acquire the site from Citibank for $1.06 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.