[IMGCAP(2)]Paul, Weiss, Rifkind, Wharton & Garrison did not respond GlobeSt.com queries before deadline. Sources from Vornado did not deny rumors, however they did tell GlobeSt.com that "Vornado will not comment per company policy." The firm currently leases 400,000 sf at 1285 Avenue of the Americas, a lease that reportedly expires in 2011.
Law firm Weil, Gotshal & Manges LLP, who is confirming their new lease, will take space by the end of the summer. Stephen Dannhauser, chairman of Weil Gotshal, says that this is a bold new move to help "meet the challenge of planning for future growth by realizing new real estate efficiencies."
MetroTech Center spans 10 blocks of Downtown Brooklyn between Flatbush Avenue and Jay Street and is located near many of the borough's cultural institutions, including Brooklyn's major commercial and civic center. Weil, Gotshal & Manges will take space from Wellpoint in a long-term sublease arranged by Glenn Markman and John Cefaly of Cushman & Wakefield, who represented Wellpoint, and Kirk A. Killian of Partners National, who represented Weil, Gotshal & Manges.
Although Forest City Ratner Cos., who owns the property, did not respond to GlobeSt.com queries by deadline, Cushman & Wakefield sources tell GlobeSt.com that asking rent at the property was $34 per sf. C&W would not, however, detail aggregate lease value, taking rent, lease term or further information. Weil, Gotshal & Manages also confirms the $34 per sf asking rent, but could not further detail taking rent or aggregate lease value.
Philip Rosen, co-head of Weil's national real estate practice, who is spearheading the firm's move, tells GlobeSt.com that the firm currently leases 500,000 sf at the GM building and is staying until 2019 and "maybe beyond." He explains that expanding to Brooklyn instead of other state's "as some firm's have done" was a "means of taking advantage of the real estate efficiencies over there [in Brooklyn]." He further explains that the choice to move to 15 MetroTech confirms the firm's confidence in New York and confirms its confidence in the Downtown Brooklyn renaissance. Rosen also tells GlobeSt.com that the lease term there is until 2020.
Brooklyn Borough president Marty Markowitz says in a prepared statement that "Brooklyn is proud to add Weil Gotshal to the impressive roster of home-grown and international businesses that have chosen to headquarter in, or expand into, our borough. This esteemed global law firm's expansion to MetroTech helps diversify Brooklyn's economic base and will, of course, only enhance Downtown Brooklyn's growing reputation as the epicenter of New York City's legal community."
Robert Catell, co-chairman, Downtown Brooklyn Partnership, and executive director and deputy chairman of National Grid says that "with nearly $10 billion in new investment in dozens of projects now underway, Downtown Brooklyn continues to grow as New York City's third largest central business district. Attracting a blue chip law firm to the mix of tenants here sends a strong signal that Brooklyn's economy is strong."
Glenn Markman, an executive director at Cushman & Wakefield, says that Downtown Brooklyn's combination of demographics and economics has created the ultimate work environment. "Brooklyn has become a must see, logical alternative to Manhattan for any company considering new office space thanks to the efforts of the Downtown Brooklyn Partnership."
As a new occupant at MetroTech, Weil Gotshal will be joining tenants in Downtown Brooklyn including AIG, Goldman Sachs, JPMorgan Chase, Morgan Stanley, National Grid, WellPoint Inc., the New York City Fire Department Headquarters, Polytechnic University, New York Life, HSBC, Bank of New York and, soon, New York University's College of Engineering. Also nearby, are several other emerging commercial and residential ventures including Pierrepont Plaza, the Marriott at the Brooklyn Bridge and Renaissance Plaza.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
