Law Firm Makes Proactive Lease Move

NEW YORK CITY-Leases are stirring at Silverstein Property’s Downtown 120 Broadway building. Along with the recent 90,000-sf ALM lease and Dealogic’s 40,000-sf lease, law firm Lester Schwab Katz & Dwyer LLP has restructured its 60,000-sf lease for the 38th and 39th floors of the Lower Manhattan 1.8-million-sf property approximately three years in advance of lease expiration. The firm also extended the term until July 2019.

A source close to the deal tells GlobeSt.com that the law firm did pay a slight increment earlier than it needed to, but essentially locked in a good rate for the long-term. The firm was advised that it was more financially prudent to restructure and extend now. The source was not at liberty to discuss financials including the aggregate lease value at this time.

The landlord, Silverstein Properties, was represented in-house by Roger Silverstein. Asking rents in the building are $40 to $45 per sf.