230 Park Avenue
In an impressive debut, fledgling IP boutique Desmarais LLP will open its first office on the 26th floor in one of the city’s most sought-after commercial addresses, 230 Park Avenue.
The elegant former Helmsley building has never lost its distinctive golden sheen, signing deals in the past couple of years with such marquee tenants as ING and Encyclopaedia Britannica.
Now Desmarais will take 22,408 square feet for 10 years, under a deal reached after a 90-day negotiation. The space will be completely gut-renovated, including new bathrooms, air-conditioning and a law-firm-friendly layout, Brian Robin, chief operating officer at landlord Monday Properties, told The Observer. The asking rent was in the mid-$60s.
John Desmarais, a former top-earner at Kirkland & Ellis LLP, broke away to found his own patent firm in 2009. Mr. Desmarais was drawn to the building’s “phenomenal location” and views of Park Avenue rivaled only by the neighboring MetLife Building, Mr. Robin said.
Seven law firms and legal types have signed deals or renewals in the building in the past six months, including New York State Chief Judge Jonathan Lippman and Satterlee Stephens, one of the city’s oldest law firms. “As the economy recovers, law firms will begin to hire,” Mr. Robin said.
Since the building is also Monday Properties’ head office, the new tenants won’t have to worry about the elevator being broken. “It really was people doing business with people,” Mr. Robin said.
Jordan Berger represented Monday Properties in-house, along with Paul Amrich of CB Richard Ellis. David Stockel and Peter VanDuyne of Cushman & Wakefield represented Desmarais in the negotiation.