Lease Beat

Insurance Law Firm Splits for Mack-Cali’s 125 Broad

125 broad street 2 Insurance Law Firm Splits for Mack Calis 125 BroadIt’s been lonely downtown for Sullivan & Cromwell, with nary another major law firm in sight. Finally, the stuffy concern will get some company through a deal at 125 Broad Street.

Wilson Elser Moskowitz Edelman & Dicker has signed a 17-year lease for 37,000 square feet in Mack-Cali‘s budding nonprofit hub, Studley‘s Howard Nottingham told The Observer. While most companies are consolidating their space these days, the firm is instead splitting its office in two, said the tenant’s rep.

Wilson Elser is currently located at 150 East 42nd, where it will keep part of its offices. The move downtown will help it save money, according to Mr. Nottingham. The asking rent was $37 a foot and they were “pleased with the overall economics of the package,” he said.

Good luck deciding which associates are heading south, but at least the 500,000-square-foot building features a serious harbor view and some outdoor seating that might look appealing six weeks from now. The new neighbors include the AIDS Vaccine Initiative, which took a floor in October, and a jobs crier, which took another floor in November.

The tenant was also represented by John Mambrino of Studley, along with Greg Gerber of The John Buck Company. CB Richard Ellis represented Mack-Cali, which declined to comment.

lkusisto@observer.com

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