Ronald H. Shechtman, managing partner at Pryor Cashman, tells GlobeSt.com his firm had "looked at multiple spaces and submitted multiple lease proposals" in the course of two years, and also considered renewing in place. "At the same time, we wanted to be ready should a unique opportunity arise." That opportunity arose when San Francisco-based firm Heller Ehrman--which closed its doors in September--left its New York offices in virtually move-in condition.

Shechtman credits CB Richard Ellis, which represented both Pryor Cashman and landlord Boston Properties, with "truly educating us about the market and helping us reach consensus." As a result, the deal came together in less than a month.

In a CBRE release, EVP Mark Ravesloot notes that Pryor Cashman is consolidating from its current space, "spread across three older, interconnected buildings." Those interconnected buildings are 400 and 410 Park Ave., which are joined, as well as in Herron Tower at 70 E. 55th St. Pryor Cashman has been at 410 Park since 1971.