200 Park Avenue
Details emerged about the big Gibson Dunn lease at that tower you gaze up at when crossing Park Avenue. After protracted rounds of negotiations, law firm Gibson Dunn & Crutcher elected to remain in the MetLife Building, where it will add about 70,000 square feet to its six-floor domain. This came after a deal to move to a proposed Boston Properties building fell through when said building never actually materialized.
In 2008, Boston Properties, a client of Gibson Dunn, planned a 1 million-square-foot tower at 250 West 55th Street. But when law firm Proskauer Rose, the anchor tenant, backed out of the deal, the project died and Gibson Dunn was again in the market for space.
MetLife building owner Tishman Speyer has since been actively pursuing a Gibson Dunn renewal, reshuffling the building’s tenants to accommodate the law firm’s growth. Two tenants agreed to relocate, giving Gibson Dunn floors 33 and 46 (it has 47 through 50), and others ceded expansion rights. According to the New York Post, the law firm will pay rent to the tune of $70 to $90 a square foot. Not bad, considering it had promised $100 to Boston Properties’ vanishing act.
CB Richard Ellis‘ Lewis Miller and Andrew Sussman (also building tenants) represented Gibson Dunn in the transaction. Tishman Speyer was repped in-house by Megan Sheehan, Steven Wechsler and Calvin Farley.