Law firm leases 160,000 s/f at 340 Madison Ave.
The 15-year leasing transaction marks the first major tenant to sign on at the totally redesigned and redeveloped 22-story, 750,000 s/f tower. McDermott Will & Emery expects to relocate from 50 Rockefeller Plaza, where it presently occupies approximately 100,000 square feet, by the end of the year. It will occupy the entire 2nd 14th, 15th and 16th floors, as well as a portion of the 17th floor of 340 Madison Avenue.
In addition, McDermott Will & Emery will have options to expand into an additional 110,000 square feet over the term of the lease.
"The firm selected 340 Madison Avenue because of the spectacular renovation and its desire to be headquartered in a signature building in the heart of the Grand Central District," asserted Studley chairman and CEO Mitchell S. Steir, who together with executive managing director Howard Nottingham, executive vice president Matthew Barlow and executive managing director David Goldstein represented McDermott Will & Emery in the leasing transaction.
Macklowe Properties was represented by Edward Weiss and Tara Stacom of Cushman & Wakefield, Inc., the building's exclusive leasing agent. Attorney L. Stanton Towne of McDermott Will & Emery represented his firm in the transaction. Robert Sorin of Fried, Frank, Harris, Shriver & Jacobson LLP represented Macklowe Properties.
"This deal was beneficial for both parties," added Mr. Nottingham. "The landlord has the right triple-A tenant to complement its leasing program and McDermott will enjoy premium space in a beautifully renovated building."
In addition to its expanding New York office, which is expected to ultimately house more than 162 attorneys and support staff, McDermott Will & Emery, currently with over 1,000 attorneys worldwide, also has offices in Boston, Brussels, Chicago, Dusseldorf, London, Los Angeles, Miami, Milan, Munich, Orange County, Rome, San Diego, Silicon Valley and Washington, D.C. Founded in 1934, it was ranked by American Lawyer as the 10th largest law firm in the U.S. in 2003.
For Studley, the leading real estate advisor to U.S. law firms, the McDermott transaction marks the sixth major Manhattan law firm it has represented in the past year. The half-dozen transactions comprise over 1.25 million square feet of space in Midtown and Lower Manhattan.
Situated one block from Grand Central Station, the new 340 Madison Avenue, designed by the prominent architectural firms of Gensler and Moed de Armas & Shannon, features a handsome energy efficient exterior facade of silicon glazed curtain wall, a modern new infrastructure, and large floor plates from 28,000 to 40,000 square feet.
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|Publication:||Real Estate Weekly|
|Date:||Apr 27, 2005|
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