National law firm Schulte Roth & Zabel is renewing its Midtown East lease while cutting back the size of the headquarters.
The 45-year-old financial industry-focused firm has signed a 15-year lease renewal for 283,894 square feet at SL Green Realty‘s 919 Third Avenue, as Crain’s New York Businesss first reported.
The new space spans the entire 19th through 27th floors, SL Green said in an announcement about the deal today. Schulte Roth & Zabel’s renewal kicks in after the law firm’s lease expires in seven years. Rents in the area are in the $50s and $60s, Crain’s noted.
The 47-story building at 919 Third Avenue is a 1.5-million-square-foot tower located on the block front between East 55th and 56th Streets. The building is currently undergoing a capital improvement program that includes upgrades to the lobby, entrance and plaza. Bloomingdales and Debevoise & Plimpton are other tenants in the building.
CBRE‘s Lewis Miller represented Schulte Roth & Zabel in the transaction along with a Schulte Roth & Zabel in-house team of Jeffrey A. Lenobel, Brian F. Schare, Robert S. Nash and Alykhan A. Shivji. Steve Durels of CBRE represented SL Green.
As Commercial Observer reported yesterday, law firms are occupying less space, and this trend will likely continue, according to a recent report from Savills Studley.