Patent Litigation Firm Signing Lease at Empire State Building [Updated]
Lauren Elkies Schram July 11, 2014, 12:03 p.m.
Year-old patent litigation firm Radulescu today is signing a deal to move from temporary digs at a Regus to permanent space at the Empire State Building, Commercial Observer has learned.
The firm is taking 12,200 square feet of prebuilt space on the 69th floor of the building at 350 Fifth Avenue, between 33rd and 34th Streets. The asking rent is $62 per square foot, according to Empire State Realty Trust, a real estate investment trust that counts the Empire State Building among its assets. The lease will be for 10 years and Radulescu will move in on Sept. 1, said Jonathan Anapol, president of Prime Manhattan Realty, who is representing the law firm along with Prime’s William McCollum. Radulescu’s current office is at Regus at 136 Madison Avenue off of 31st Street.
Radulescu has “had terrific success” and now needs bigger quarters, Mr. Anapol said. And in the new space, he added, “We planned some future growth space for them.”
Empire State Realty Trust’s Ryan Kass and a Newmark Grubb Knight Frank team led by William Cohen is representing the Empire State Building in the transaction. Mr. Cohen didn’t immediately respond to a request for comment.
It was reported this week that luxury watch and clockmaker the Bulova Corporation will move its corporate headquarters from Woodside, Queens into a 33,214-square-foot space on the 29th floor of the Empire State Building by early next year.
The 103-story Empire State Building was 82.3 percent leased at the end of 2013, with asking rents ranging from the high-$50s to mid-$60s, Commercial Observer previously reported.
Update: This story was edited to include the landlord representative from Empire State Realty Trust and a modified asking rent, as provided by Empire State Realty Trust.