Savills Studley's Goldstein, EVP Joe Learner, executive managing director Jason Perla and corporate managing director Scott Weiss represented Vedder Price in the transaction. Paramount Group was represented in-house by Peter Brindley. Asking rents for the upper floors of the building are in the mid-to-high $80s-per-square-foot-range.

Savills Studley represented Vedder Price in its Chicago lease extension for 163,286 square feet on floors 22 to 26 and the penthouse at 222 North LaSalle in September 2015. Earlier this year, Paramount Group finalized a $1-billion refinancing of 1633 Broadway.

NEW YORK CITY—On the cusp of signing a lease at another Manhattan building, Chicago-based law firm Vedder Price decided in the end to stay in its building but relocate its New York City offices to a lower floor at 1633 Broadway.

The law firm, which currently occupies the entire 47th floor of the 48-story 2.6-million-square-foot office tower, will relocate to the entire 31st floor (52,555 square feet) later this year, brokerage firm Savills Studley reports.

Savills Studley EVP David Goldstein says the brokerage firm was in the final stages of negotiating a lease for the law firm at a nearby building when the opportunity on the 31st floor of 1633 Broadway presented itself. He relates, “We pivoted and reengaged the landlord, Paramount Group. The end result was a win-win for our client, who will end up with substantial savings in moving and renovation costs while avoiding any major disruptions for its team.”

The firm's new space was recently renovated and built out by the previous tenant. The lease deal allows Vedder Price to realize significant cost savings while securing a new, already furnished and fully-wired office with modern, contemporary finishes, Savills Studley states.

Savills Studley's Goldstein, EVP Joe Learner, executive managing director Jason Perla and corporate managing director Scott Weiss represented Vedder Price in the transaction. Paramount Group was represented in-house by Peter Brindley. Asking rents for the upper floors of the building are in the mid-to-high $80s-per-square-foot-range.

Savills Studley represented Vedder Price in its Chicago lease extension for 163,286 square feet on floors 22 to 26 and the penthouse at 222 North LaSalle in September 2015. Earlier this year, Paramount Group finalized a $1-billion refinancing of 1633 Broadway.