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A Large 20-Year Lease Kicks Off Q2 in Midtown

NEW YORK CITY-Though the agreement is a renewal, the 200,000-square-foot deal is much larger than any done in the submarket during Q1.

By Rayna Katz | Updated on April 17, 2013

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.

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