CBRE solves firm's problems with knock-out 78,000 s/f lease at Tishman's Chrysler Center.

CB Richard Ellis announced that it has arranged a 78,255 s/f lease on behalf of global law firm Simpson Thacher & Bartlett on a floor plate that will span The Chrysler Building and The Chrysler East Building, collectively known as the Chrysler Center.

The CBRE team, led by Kenneth D. Rapp, executive vice president, included James C. Ackerson, senior associate; Christopher W. Mansfield, vice president; and Casey J. Hirschhorn, senior Financial Analyst.

Simpson Thacher currently occupies 36,092 s/f on the fourth floor of The Chrysler East Building. The United Nations Office for Project Services (UNOPS) will vacate its fourth-floor space in The Chrysler Building, allowing Simpson Thacher to break through the concrete wall dividing the two buildings to create one contiguous horizontal floor.

At the outset, Simpson Thacher tasked CBRE with finding additional space in its current location at The Chrysler East Building, despite the fact that it was fully leased. While exploring all potential solutions that would allow the law firm to remain in the building, CBRE reviewed space alternatives in a two-block radius of The Chrysler East Building and 425 Lexington Avenue, Simpson Thacher's headquarters. Mr. Rapp and his team then uncovered the innovative solution of utilizing UNOPS' space at The Chrysler Building.

"Ken and his team came up with a wonderfully creative and elegant solution to our problem," said Michael Hersch, executive director at Simpson Thacher.

"They literally thought 'outside the box' in conceiving and executing a plan for us to grow horizontally into a neighboring building." Additionally, CBRE was able to structure for Simpson Thacher a lease extension at The Chrysler East Building and a lease expiration for the new space at The Chrysler Building that precisely coordinates with its lease expiration and renewal rights at 425 Lexington Avenue, where the law firm occupies almost 600,000 s/f.

"Through strategy, innovation and persistence, we uncovered an excellent solution for all parties involved," said Rapp.

Simpson Thacher, founded in 1884, is one of the world's leading law firms. With offices in Los Angeles, Palo Alto, Washington, D.C., London, Hong Kong and Tokyo, the firm has approximately 700 lawyers, including 158 partners. CBRE represents the firm internationally.

The landlord, Tishman Speyer Properties, was self-represented by Greg Conen. The Chrysler Center is comprised of the 77-story The Chrysler Building, completed in 1930, and the 32-floor The Chrysler East Building, originally built in 1951 and redeveloped in 1999.