Printer Friendly

131,000 s/f renewal and expansion at Penn Plaza.

In a multi-faceted transaction arranged by CB Richard Ellis, respected plaintiff law firm Milberg Weiss Bershad & Schulman LLP has renewed its commitment and leased an additional 15,000 square feet of office space at One Penn Plaza, bringing its total occupancy to 131,619 square feet.

Milberg Weiss will now occupy floors 48 through 50 and part of the 47th floor at the building. The transaction also provides for the option to lease future expansion space within the firm's same elevator bank.

The CBRE team of Scott Gottlieb, Michael Laginestra, Lewis Miller, Joan Meixner and Stephen Siegel arranged the 15-year lease renewal and expansion on behalf of Milberg Weiss. Vornado Realty Trust, the property owner, negotiated directly through Daniel North and David Greenbaum. Attorneys involved in the negotiations included Scott I. Schneider of Loeb & Loeb LLP who acted for Milberg Weiss, and Ronald D. Sernau of Proskauer Rose who negotiated on Vornado's behalf.

"CBRE under took an extensive market search to identify the best solution for the office space requirements of Milberg Weiss. The right answer was to continue a positive, long-term relationship with Vornado, which now includes a landlord allowance for office renovations," said Mr. Miller.

"Due to our Firm's rapid growth we had to expand our office space to meet our current business needs and to allow room for future expansion" said David J. Bershad of Milberg Weiss Bershad & Schulman LLP, the Nation's leading class action Plaintiff Firm. "With the assistance of CBRE we were able to structure a deal that gives us both contiguous floor space and substantial flexibility for the future."

One Penn Plaza is a 2.4-millionsquare-foot, 57-story, Class-A office tower located on an entire city block, between 7th and 8th Avenues and West 33rd and 34th Streets. Owned by Vornado Realty Trust, the building was constructed of structural steel and concrete and a facade of gray solar glass punctuated by columns of anodized aluminum.

In addition to Milberg Weiss, other major tenants in One Penn Plaza include DDK & Company, GMAC, Cabletron Systems, CISCO, First Albany and Smith Barney, among others.
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 5, 2005
Previous Article:RKF Mad. Ave. exclusive.
Next Article:Realty Foundation announces scholarships, aid awards.

Related Articles
CNN expands to 4 floors, 63,000 sf at 5 Penn Plaza.
Korean firm renews office space.
Lease renewal at 1 Penn Plaza.
Tech firms sign leases at Five Penn Plaza.
Insignia/ESG to handle leasing, management of 5 Penn Plaza.
Studley inks real deal with disposition, reloc.
Law firm recommits to Lower Manhattan.
CBRE does triple well at Penn Plaza.
Treeline deals add up to 15.000 s/f.
IT leader renews, expands at 11 Penn Plaza.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters