Cahill Gordon & Reindel Signs Year’s Largest Direct New Downtown Lease
The almost 100-year-old law firm relocates but agrees to stay in Lower Manhattan for another two decades.
NEW YORK CITY—RXR Realty landed the largest direct new lease in Downtown Manhattan, inking a deal with Cahill Gordon & Reindel for the term of 20 years. The law firm will occupy 201,621 rentable square feet on floors 17-22 at 32 Old Slip. The building is between Front and South streets, overlooking the East River and FDR Drive. The asking rent was $60 per square foot.
Cahill will be moving but staying in the neighborhood, vacating their current office at 80 Pine St. in 2020.
Other tenants at 32 Old Slip include Daiwa Securities Group, Tradition Financial Services and Alliant Insurances Services, Inc. The building features water views, modern infrastructure, column-free floor plates and amenities including a Convene conference center and coffee bar.
“As the largest deal in Downtown Manhattan, it reinforces our long-term vision and investment approach for this asset,” says William Elder, EVP and managing director of RXR’s New York City division.
In addition to Elder, RXR’s Daniel Birney and CBRE’s Robert Alexander, Ryan Alexander, Michael Affronti, Zachary Price and Gerry Miovski represented RXR. Newmark Knight Frank’s Moshe Sukenik, Chris Mongeluzo, Eric Zemachson and Tamar Moy represented Cahill.