Weil Gotshal Renews Lease at GM Building
Danielle Schlanger Sept. 30, 2014, 12:18 p.m.
Weil Gotshal & Manges, one of New York’s toniest law firms, has renewed its lease in Boston Properties’ 50-story General Motors Building at 767 Fifth Avenue.
First reported by Crain’s New York Business, Weil Gotshal will hold onto its space on the 23rd through 32nd floors and will also occupy the sixth floor in a new lease that spans from 2019 to 2034. This remains the firm’s worldwide headquarters and largest office. With an estimated 400,000 square feet of space occupied at the premier address, which could command between $125 and $150 per square foot, it is likely the lease is among the most high-priced in recent memory.
“The General Motors Building has been our home since the building opened in 1968,” said Weil Executive Partner Barry M. Wolf in a prepared statement. “The building has been part of our identity, growth and success over the years. We are extremely pleased to have come to this agreement with Boston Properties that offers attractive and competitive terms for both landlord and tenant.”
Located near the southeast corner of Central Park, the GM Building is also home to many high-profile tenants including Estée Lauder, Icahn Enterprises, Perella Weinberg and Perry Capital.
CBRE’s Lewis Miller, Robert Flippin, Robert Alexander, Greg Maurer-Hollaender and Ryan Alexander represented Weil in the negotiations. Members of Weil’s real estate team, including Michael Bond, Philip Rosen and Caryn Stafford, also facilitated the transaction. The building’s ownership was also represented by CBRE.