GlobeSt.com EXCLUSIVE: Law Firm Inks 105,000-SF Renewal

NEW YORK CITY-Law firm Arnold & Porter has signed a 15-year renewal for 105,000 sf at 399 Park Ave., which has been its home since 1990. The deal also includes an option for the firm to lease an additional 50,000 sf during the term.

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.