NEW YORK CITY—Weil Gotshal & Manges has agreed to lease 400,000-square-foot lease at the General Motors Building for another 15 years, according to Crain's New York Business. The high-end law firm originally signed onto the 50-floor, marble-clad tower when it first opened in 1968 but this newest agreement shrinks the firm's space down by about 100,000.
Located at 767 Fifth Ave., the building features sweeping views of Central Park and sits at the intersection of the city's highest-end office district and its most upscale residential neighborhood on the Upper East Side.
"The firm has had so much growth and success here, it's part of who we are and our good fortune," says Barry Wolf, Weil Gotshal's executive partner. "There's something nice about sitting in our conference center and overlooking the park. Our clients clearly have a good feeling coming here."
Rents at the General Motors Building come in at approximately $200 per square foot for the tower's highest floors, according to Crain's, achieving the highest rates in the city. Under the new agreement, Weil retains floors 23 to 32 as well as space on the sixth floor.
Wolf would not discuss the financial details of the transaction, but according to market sources, asking rent for that space could be as high as $125 to $150 per square foot, Crain's notes. That which would make the deal, one of the highest-priced leases inked in the city in recent years.
Weil was represented in the transaction by a CBRE leasing team led by Lewis Miller, Robert Flippin, Robert Alexander, Greg Maurer-Hollaender and Ryan Alexander, as well as by Weil real estate partners Michael Bond and Philip Rosen and associate Caryn Stafford. A CBRE leasing team also represents the building's ownership, Boston Properties.
CBRE did not respond to a request for comment by GlobeSt.com at press time.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
