131,000 s/f renewal and expansion at Penn Plaza.
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.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Jan 5, 2005|
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