Wall St. Law Firm Moves Off the Street

NEW YORK CITY-Fifty years after setting up shop at 40 Wall St., law firm Herzfeld & Rubin P.C. is relocating its corporate headquarters within the Financial District this summer. The firm has signed a 20-year lease for 56,322 square feet in Mack-Cali Realty Corp.’s portion of 125 Broad St.

Herzfeld & Rubin’s new space will occupy a comparable footprint on one-and-a-half floors at 125 Broad than the seven-floor space it is vacating at 40 Wall. The law firm’s management committee says, in a release, that although the decision to move from the tower it has occupied since the 1950s–initially as a single-floor tenant–was “a major one,” the new location “will provide us with greater operational efficiencies.”

Marc Shapses, executive managing director of Studley, who represented Herzfeld & Rubin, says in a release that he and colleagues Joseph Messina and Jason Schwartzenberg were waiting for “the right time to strike. We were hired in 2005 to find a more cost-effective, efficient occupancy solution for the firm, and periodically went out into the market looking for space. The market went through extraordinary price and availability changes in that period. The right situation with the right economics hadn’t surfaced until now.”