Commercial law firm Meister Seelig & Fein has signed a 15-year-lease for 56,764 square feet at SL Green’s 125 Park Avenue.
The move into the seventh and eight floors of the 655,000-square-foot, 26-floor building is a significant upgrade from the firm’s current 38,000-square-foot space at 2 Grand Central Tower.
“While many law firms are cutting back, they (Meister Seelig & Fein) are actually growing and needed this additional space,” said Jason Meister of Avison Young, who represented the tenant along with Colliers (CIGI) International’s Howard Grufferman.
Major draws to the modernized building included its proximity to Grand Central Terminal, an existing build-out from a previous sublease in the space, as well as a large seventh floor terrace, which Mr. Meister called a “very rare amenity.”
SL Green’s building upgrades, completed in 2008, include a brand new contemporary lobby with high ceilings and updated building systems, while the exterior boasts a restored, distinct terracotta façade.
“The fact that SL Green is the landlord was a key decision in their relocation,” Mr. Meister said. “This is a first-rate landlord and this is the place where the firm is going to be able to position themselves for the future.”
The firm was also able to lock in today’s market rates, while enabling the firm to live out its current lease at Grand Central Tower, Mr. Meister noted. Asking rents were $65 per square foot and the firm will move into the space upon completion of its full build-out in 2014.
Mr. Meister’s father, attorney Stephen Meister, is a principal at the firm.
Newmark Grubb Knight Frank’s David Falk, Brian Waterman, Peter Shimkin, Daniel Levine and Jonathan Tootell represented the landlord, according to the New York Post, which first reported the deal this morning.
