Law firm Otterbourg, Steindler, Houston & Rosen P.C. has re-upped its lease at 230 Park Avenue for an additional 15 years, The Commercial Observer has learned.
The firm, which represents financial institutions in such specialties as financing transactions and acquisitions, will remain on both the 29th and 30th floors for a total of 44,973 square feet at the Grand Central-area office tower owned by Monday Properties.
CBRE’s Lewis Miller, Matthew McBride, Michael Wellen and Russell Kempf represented Otterbourg in the deal. Monday Properties was represented in-house by Jordan Berger.
Asking rent was in the mid $70s-a-square-foot.
Otterbourg had been a tenant in the building since 1969, when it was famously owned by Helmsley-Spear.
“The law firm is one of the most respected in Manhattan, and its 100-year history recounts the firm’s steady growth and its foresight to grow with New York City’s changing business landscape,” said Brian Robin, Monday Properties’ executive vice president and chief operating officer, in a statement sent to The Commercial Observer.
Otterbourg’s office space will undergo “major renovations,” Monday Properties said. The law firm’s two floors overlook the Park Avenue skyline. The 34-story, 1.4 million-square-foot Class A property is located just north of Grand Central and has long been a draw to financial and legal firms with work forces that rely on the terminal for their daily commutes.
Monday Properties has owned the building since 2007. Lately, the company helped global financial firm ING take an additional 10,500 square feet in the building, increasing its footprint to 220,000 square feet.