In a release, Jane Roundell, SVP at tenant-rep firm CreasPartners, says the move will enable Kreindler & Kreindler to stay in the district "while reducing its annual rental expense by 40%." SL Green is building out the law firm's new space, and the tenant expects to move into 750 Third in June.
Along with Roundell, the CresaPartners team included principal Marcus Rayner and VP Ken Witler, vice president. David Kaufman, SV at SL Green, negotiated for the ownership.
In another Grand Central District deal for a law firm, Monday Properties says that tenant Lathrop & Gage has renewed and expanded its space to the entire 24th floor of 20,400 square feet at 230 Park Ave. The firm, which is headquartered in Kansas City, MO, renewed its existing 11,400 square feet and added 9,000 more in a 12-year deal.
"The tenant's team worked with us to address consolidation of separate groups into turnkey space," says Brian Robin, COO at Monday, in a release. "The attorneys will work from high quality swing space during the construction and then benefit from subsequent long-term growth."
Monday Properties and the CB Richard Ellis leasing team at 230 Park represented the landlord. CBRE vice chairman Ken Rapp and VP Kevin Powderly represented Lathrop & Gage.
The Lathrop & Gage renewal is one of a number of deals at 230 Park recently. Monday Properties last week hosted a special event to unveil the $1-million renovation of the historic property.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
