Lease Beat

Law Firm Clifton Budd & DeMaria Takes 15,000 SF at Empire State Building

New York City law firm Clifton Budd & DeMaria has signed 10-year, six-month lease at the Empire State Building, The Commercial Observer has learned.

The labor and employment law firm leased 15,072 square feet on the 61st floor of the historic building, located at 350 Fifth Avenue, and will move from 420 Lexington Avenue in the second quarter of 2013.

The asking rent was $55 per square foot, a spokesperson for building supervisor Malkin Holdings confirmed.

empire state building 2005 Law Firm Clifton Budd & DeMaria Takes 15,000 SF at Empire State Building

Empire State Building

“CBDM is relocating to the Empire State Building from the Grand Central district,” said Anthony Malkin, president of Malkin Holdings, in a prepared statement. “The Empire State Building’s location is convenient to Grand Central Terminal, Penn Station, and the Port Authority Bus Terminal, and it’s close to the 4, 5 and 6 lines as well.   We find our location, along with our upgrades, energy efficiency and international renown are attracting more and more tenant interest. ”

William Fressle and Franklin Speyer of Cushman & Wakefield represented the tenant in the lease negotiations.  William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord.  None of the brokers returned telephone calls seeking comment.

The firm joins a quartet of other companies to recently take space at the building, including CB Alliance, a boutique private equity firm that leased 4,549 square feet on the 76th floor; Digital Capital Advisors, an investment banking boutique, with 3,160 square feet on the 76th floor; data company OpTier, with 6,569 square feet on the 65th floor; and software company Recommind Inc., with 5,442 square feet on the 31st floor.

Social networking site LinkedIn recently inked a deal for more than 40,000 square feet at the building as well.

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