Law Firm Signs Huge Renewal Downtown
Al Barbarino Oct. 10, 2013, 7:30 a.m.
Hughes, Hubbard & Reed has signed a 226,416-square-foot lease at Rudin Management Company’s One Battery Park Plaza – one of the largest Lower Manhattan deals of the year, which follows a surge in demand for big blocks of space.
The international law firm’s 20-year lease spans nearly 11 floors, comprising floors 10 through 18, a portion of 7 and a portion of the basement in the 36-story, 875,000-square-foot, class A building.
Bill Rudin, CEO of Rudin Management Company, said the transaction “reaffirms the strength of the downtown market as well as [Hughes, Hubbard & Reed’s] and the Rudin Family’s commitment to Downtown,” in a statement announcing the deal.
“We’re delighted that One Battery Park Plaza will continue to serve as the home for this global law firm which has been headquartered in our building since 1999,” he said. “One Battery Park Plaza is one of Lower Manhattan’s most visible and accessible addresses with dramatic views of Battery Park and the New York Harbor.
Candace Beinecke, Chair of Hughes Hubbard & Reed LLP, noted the firm’s 75-year commitment to Downtown and faith in its future as a keys to the decision to renew.
“We believe that maintaining our offices in Lower Manhattan will best enable our firm to continue to provide best in-class services to our clients,” she said, in the statement. “This commitment reflects our confidence in the Lower Manhattan market and its future as a true 24/7 hub for business, residents, tourists, open space, art and culture.”
Optimism in the Manhattan commercial real estate market has resulted in demand for big blocks of space. A string of big leases brought the number of large available spaces, with 100,000 square feet of contiguous space or more, down to 68, from 83 in the first quarter, according to data from Cassidy Turley. Among those Downtown, West Elm took at least 120,000 square feet at 55 Water Street and the Port Authority of New York & New Jersey took 118,000 square feet at 115 Broadway.
The data also shows that 94 tenants have moved south of Canal Street since January 2012.
One Battery Park Plaza, built in 1971, is located in the gateway to downtown, occupying the full block bounded by Bridge, Pearl, Whitehall and State Streets. The property includes other major tenants such as The Partnership for New York City, Liberty Mutual Insurance Company, Seward & Kissel and Meridian Capital.
Neil Goldmacher, Chris Mongeluzo and Mark Weiss of Newmark Grubb Knight Frank represented the Hughes, Hubbard & Reed, and Thomas Keating represented the Rudin Family in-house. The borkers were not available for immediate comment.