Covington & Burling will use the space for continued expansion. The firm will occupy floors 39 through 43 of the building 41st Street. Covington & Burling signed a 20-year lease with options for additional space. They are expected to be in the space during spring of 2007.
This is the second lease signed for the NYT site. Last month, another law firm, Seyfarth Shaw LLP, inked a deal for 100,000 sf at the under-construction site. The firm inked a 17-year deal and expects to be housed at the site when it opens in the second quarter of 2007.
Stuart C. Stock, chair of Covington & Burling's Management Committee, says the new space "reflects the firm's commitment to the continued growth of our New York practice." Building developer Forest City Ratner Cos. was represented by a team led by Mary Ann Tighe, including Howard Fiddle, Tim Dempsey, Pete Turchin, Matt Preotle and Jason Pollen of CB Richard Ellis. Covington was represented by Studley, led by Mitchell S. Steir along with Michael Colacino, David J. Goldstein, Matthew Barlow and Daniel Horowitz.
CBRE also arranged the 78,255-sf lease for Simpson Thacher & Bartlett on a floor plate that will span the Chrysler Building and the Chrysler East Building, collectively known as the Chrysler Center. The United Nations Office for Project Services will vacate its fourth-floor space in the Chrysler Building, allowing Simpson Thacher to break through the concrete wall dividing the two buildings to create one contiguous horizontal floor.The CBRE team was led by Kenneth D. Rapp, executive vice president, and included James C. Ackerson, senior associate; Christopher W. Mansfield, vice president; and Casey J. Hirschhorn, senior financial analyst. The owner, Tishman Speyer Properties, was self-represented by Greg Conen.
The firm currently occupies 36,092 sf on the fourth floor of Chrysler East. "Ken and his team came up with a wonderfully creative and elegant solution to our problem," says Michael Hersch, executive director at Simpson Thacher. "They literally thought 'outside the box' in conceiving and executing a plan for us to grow horizontally into a neighboring building." Also, the lease extension and lease expiration dates match up.
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