Practising Law Institute, a non-profit legal education organization, has signed a 15-year lease for 68,000 square feet of office space at 1177 Avenue of the Americas, it was announced today.
The non-profit will be moving from a 6,041 square foot space it had at 810 Seventh Avenue, a class A office building that is owned by SL Green, according to CoStar data.
A Studley team of Ira Schulman, David Goldstein, Patrick Gardner and Howard Poretsky represented Practising Law Institute.
Frank Doyle, Paul Glickman, Mitti Liebersohn, and Cynthia Wasserberger, all of Jones Lang LaSalle, represented ownership of 1177 Avenue of the Americas.
Roger Silverstein and Joe Artusa, both of Silverstein Properties, which manages 1177 Avenue of the Americas, were also involved in the lease negotiations.
The Practising Law Institute had been in the market for class A office space and were intrigued by the possibilities with 1177 Avenue of the Americas, said Mr. Silverstein.
Silverstein Properties is about to embark upon a $6 million capital improvement program that will refurbish the 50-story office tower’s lobby.
“The renovation will be completed later this year, and will put new stone in the lobby, we’ll be putting in new turnstiles, and we’ll be doing some general updating to the exteriors,” said Mr. Silverstein.
Practising Law Institute will be taking a part of the 2nd floor, the entire 3rd floor, and a portion of the 4th floor. Asking rent was $66-a-square foot. A portion of the space was formerly occupied by Bank Hapoalim, which was consolidating inside the building.
The biggest tenant of 1177 Avenue of the Americas is Kremer Levin Naftalis & Frankel LLP, a law firm that has 12 floors for a total of 307,971 square feet.