NEW YORK CITY—Chapman and Cutler, a Chicago-based law firm that represents financial services signed a lease with Tishman Speyer to expand its space to 30,571 square feet at 1270 Avenue of the Americas. The firm will now occupy the entire 30th floor and part of the 29th floor at the Midtown building. The recent 6,108 square-foot expansion deal marks the firm's second expansion lease in seven months. The lease term is for 10 years. Asking rents in the building are $66 to $76 per square foot.
CBRE's David Kleinhandler and Ken Rapp represented the tenant in the transaction, while landlord Tishman Speyer represented itself in-house.
“As Chapman and Cutler continues to make significant investments in our New York City footprint, CBRE has been a valued partner in providing real estate advice as we execute our growth and expansion strategy,” says William M. Libit, Chapman's chief operating partner.
The law firm will now occupy 18,363 square feet of space on the 30th floor and 12,208 square feet of space on the 29th floor.
“Chapman and Cutler has experienced tremendous growth since it entered the New York market in 2009, especially over the past year,” says Kleinhandler. “The firm was able to recognize its need for more space and understood the benefits of its current location in Midtown, which is close to clients and several mass transit options,”
Other tenants in the building include FTSE Group, the law firm Venable and flex space provider NYC Office Suites. Constructed in 1935, the office tower is 509,829 square feet, according to Real Capital Analytics. It is one of the 19 buildings that make up Rockefeller Center and was developed by John D. Rockefeller and designed by Associated Architects.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
