NEW YORK CITY-Law firm Hargraves McConnell & Costigan PC, which specializes in the insurance/reinsurance industry, has signed a 10-year lease for the northeast corner of the sixth floor at Monday Properties’ 230 Park Ave., GlobeSt.com has exclusively learned. The 1.4-million-square-foot office tower’s northeast corner offers unobstructed views up Park Avenue.
A Monday spokesman tells GlobeSt.com the law firm has taken 10,000 square feet at 230 Park and will relocate from 420 Lexington Ave., also known as the Graybar Building, in the fall. As part of the deal, the landlord will provide a turnkey build-out customized to Hargraves McConnell’s layout.
SVP Matthew McBride of CB Richard Ellis represented Hargraves McConnell in lease negotiations. His CBRE colleague, EVP Paul Amrich, represented the property’s ownership, along with Monday director Jordan Berger.
In recent months, six other legal organizations have completed deals at 230 Park. Last month, Satterlee Stephens Burke & Burke renewed its 49,000-square-foot space there. Lathrop & Gage renewed and expanded its 230 Park space to 20,400 square feet earlier this year, while Suite 2525 LLC, Weinberger Singer PC and Thomas Puccio law office renewed for 13,700, 4,200 and 2,350 square feet, respectively. This past November, the City of New York renewed a 4,000-square-foot space on behalf of New York Court of Appeals Chief Judge Jonathan Lippman.
Midtown’s Grand Central submarket, including 230 Park, saw a 126.1% uptick in leasing velocity during the first quarter when compared to the same time period in 2009, according to Cushman & Wakefield. In terms of class A office space, it’s the second largest submarket in Manhattan with 36 million square feet, exceeded only by the Sixth Avenue/Rockefeller Center tally of 37.8 million feet.
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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.
