Equity inks first lease at 1095 Sixth for 234,000 s/f.

Equity Office has signed its first lease at 1095 Avenue of the Americas, just four months after the start of a major redevelopment of the 1 million-square-foot property.

Dechert LLP, an international law firm, has signed a long-term lease for floors 25 through 31, which totals 234,238 s/f. In early 2008, the firm will relocate and expand its Manhattan operations from 30 Rockefeller Plaza, where it currently occupies nearly 200,000 square feet.

"Dechert is a growing international firm, and 1095 Avenue of the Americas is ideal for our New York office," said Thomas Munno, managing partner of Dechert's New York office. "It is a premier, Class A building, with striking views and a first-rate ownership/management team."

"We are pleased to welcome Dechert as the first official customer of our newly developed building at 1095 Avenue of Americas," said Equity Office's executive vice president of development, Robert J. Winter, Jr. "Dechert's decision to relocate its NYC headquarters to this trophy asset speaks directly to the allure of the Sixth Avenue corridor, and our commitment to making 1095 Avenue of the Americas the pre-eminent business address in Midtown Manhattan."

The redevelopment of 1095 Avenue of the Americas includes a full-building exterior re-clad, expanded two-story lobby, new elevator cabs including controls and modernization, a sky lobby on the 23rd floor, redesigned retail space, updated common areas, and a renovated 14,000-square-foot plaza. The project also features new building systems, and window retrofits, which will enable energy and operating cost savings. In addition, floor reconfigurations will add approximately 45,000 usable square feet to the building.

"Demand for top-quality office space in Midtown Manhattan continues to outpace supply," noted Michael Berman, vice president, leasing for Equity Office's New York portfolio. "The few large blocks still available are in high demand."

Berman along with a team of senior brokerage professionals from CB Richard Ellis, including Robert Alexander, Robert Stillman and Zachary Freeman, represented Equity Office in the transaction.

The Cushman & Wakefield brokerage team representing Dechert in the transaction included Mitchell Konsker, Matthew Astrachan, Paul Glickman and Robert Gallucci.

"This deal was completed because both sides worked amicably together throughout the transaction," said Matthew Astrachan, an executive vice president at Cushman & Wakefield. "This was a highly complex process, which required creativity to resolve all the issues with respect to a building undergoing a complete retrofit," added Mitchell Konsker, an executive vice president at Cushman & Wakefield.

Stuart Mass and David Brooks of the New York office of Paul, Hastings, Janofsky & Walker LLP acted on behalf of Equity Office.