Law Firm Re-Ups at Fifth Avenue Tower
Law firm Riker, Danzig, Scherer, Hyland & Perretti has renewed its lease at 500 Fifth Avenue. Cushman & Wakefield represented both tenant and landlord in the renewal, which was for 6,793 square feet—the entirety of the 49th floor.
Executive vice president Gary Greenspan and associate Andrew Weinstein represented the law firm, while senior director Harry Blair and director Sean Kearns represented the landlord, 500 Fifth Avenue Inc.
With the lease renewal, the 680,000-square-foot, 59-story tower is 91 percent leased, Mr. Blair tells The Commercial Observer. For the law firm, he said, location and area amenities were key.
“You’re right in Grand Central, so you’ve got all your transportation options and Bryant Park right across the street, which is a 12 month amenity now between the skating rink and the summer movies that they do,” Mr. Blair said. “It’s really a great neighborhood to be in.”
Mr. Blair explained that the Art Deco building is divided into three sections—the base, midrise and tower. The New Jersey-based law firm’s space is in the tower, he added. That prime spot allows it to enjoy spectacular views, including of the Hudson and East Rivers, New York Harbor and the Statue of Liberty.
The tower in the Class A building runs from the 38th to the 58th floors. A penthouse duplex of 8,866 square feet runs between the 58th and 59th floors and is currently available, Mr. Blair said. Other available space in the building exists in the base and midrise.
Riker Danzig didn’t require any additional space, however, and so decided to re-up for the same amount in the renewal, which is for a five-year term. “That’s all they needed,” said Mr. Blair. “They stayed in their current space envelope.”