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Law Firms Ink Massive Renewals

NEW YORK CITY-In separate deals, Paul Weiss and Stroock & Stroock have signed renewals totaling more than 750,000 square feet, according to published reports.

By Paul Bubny | Updated on November 24, 2009

NEW YORK CITY-Manhattan’s leasing market, which had tapered off somewhat last month after a fast-paced third quarter, heated up earlier this week with published reports that two law firms had inked renewal deals totaling more than 750,000 square feet. The New York Post said Tuesday that Stroock & Stroock & Lavan had signed on for 10 more years in its 220,000-square-foot space at 180 Maiden Ln., while Crain’s New York reported Monday that Paul Weiss Rifkind Wharton & Garrison has renewed its lease for approximately 550,000 square feet at 1285 Ave. of the Americas.

In the Paul Weiss deal, the law firm reportedly considered several relocation options, including Vornado Realty Trust’s proposed office tower over the Port Authority Bus Terminal and SJP Properties’ forthcoming 11 Times Sq., before opting to stay at 1285 Sixth Ave. for 15 more years. Its space requirements have grown considerably since it last signed a renewal deal there in 1999, which at that time was for 391,975 square feet. Today, Paul Weiss occupies about one-third of the space at the 42-story tower, which is also known as the UBS Building, after its lead tenant, and which has no availabilities.

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