Lease Beat

Patterson Belknap Signs 200,000 SF Lease at Revamped Durst Building

Law firm Patterson Belknap Webb & Tyler has signed a 20-year lease for 200,000 square feet of at the recently renovated 1133 Sixth Avenue in Times Square, The Commercial Observer has learned.

The firm resigned a lease for floors 18 through 26 that it first inked 20 years ago.  The Durst Organization’s in-house broker Tom Bow represented the landlord, while Ira Schuman of Studley represented the tenant – the same brokers who completed the firm’s lease in the building 20 years ago.

The 1.1 million square foot, 45-story Emery Roth & Sons-designed building was completed by The Durst Organization in 1970 and recently underwent a seven-month lobby renovation, overseen by the architecture firm Gensler.

(Credit:  Durst Organization)

(Credit: Durst Organization)

The lobby renovation was completed in February and new elevator cabs are almost ready for use.  The price tag on the lobby and renovation was $10 million, a Durst spokesperson said.

Mr. Schuman did not return calls seeking comment in time for publication, but the Durst spokesman said rents ranged between $75 and $80 per square foot.

The centerpiece of the new lobby is an installation by light artist Leo Villareal, a 90-foot long, 12-foot high and 6-foot deep sculpture made up of glistening rope-like chords that hang from the lobby’s ceiling – the largest three-dimensional work by the artist yet.

Floating near the top of the lobby, it is visible through the two-story windows facing out on the plaza, between the International Center for Photography and a bank on the other, forming a circle towards the center.

“1133 was the headquarters of The Durst Organization for many years and the building was the first my grandfather, father and uncles built on Sixth Avenue,” said Jonathan Durst, President of The Durst Organization, in a company announcement following the unveiling of the sculpture. “The building’s timeless design, efficient floor-plates and optimal location make it as compelling today as it was when it was constructed. The beautiful new lobby and artwork update this classic to the 21st Century and we expect will make it a desirable corporate address for at least another 40 years.”

The building’s tenant roster includes Bank of America.

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