NEW YORK CITY-Law firm Patterson Belknap has renewed its 200,000 square foot, 20-year lease at 1133 Sixth Ave. for another two decades, according to a report in Crain's New York Business on Wednesday. The agreement reportedly was negotiated for the firm by Tom Bow, director of leasing at the Durst Organization, with Studley EVP Ira Schuman. The two veterans also brokered the previous deal.
Bow declined to reveal to Crain's the price paid for the space but he did share that average rents in the Emery Roth-designed tower range from $75 per square foot to $80 per square foot. Patterson Belknap's existing lease runs through Dec. 31, 2014; the new one will start on Jan. 1, 2015. The lawyers—Durst's largest tenant in the building—will be renovating the space at its own expense.
As previously reported, Midtown's first quarter was less than stellar, with leasing activity slipping 16% below the five-year quarterly average. Among new deals that were done, none represented more than 100,000 square feet of space.
The Patterson Belknap deal, for floors 18 through 26, reportedly was well-timed, as the Internal Revenue Service is expected to vacate its space on the second through 10th floors of the 45-story tower next year. The Dursts were less than anxious over the prospect of having to fill two big blocks of space in the building, according to Crain's.
Meanwhile, the Dursts have been freshening up the common areas to help secure a tenant for the IRS space. The renovated lobby reopened in January. The centerpiece is a light sculpture hanging from the ceiling designed by New York artist Leo Villareal, who recently installed a nearly two-mile piece on the San Francisco Bay Bridge, Crain's reports.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
