Sandy-Exiled Law Firm to Move Back Downtown
Full-service law firm DeCorato, Cohen, Sheehan and Federico will return to Lower Manhattan through a 15-year, 18,983-square-foot lease at Princeton International Properties’ 90 Broad Street, Commercial Observer has learned.
Damages from Superstorm Sandy forced the firm out of its longtime home at 110 Wall Street into short-term space in Midtown. But officials with the firm expect to occupy new digs on the entire 14th floor at the property located at Broad and Bridge Streets two blocks from Battery Park in January 2015, CBRE officials said.
“It was a rewarding experience in every sense for DeCorato Cohen to return to its roots as a true Downtown Manhattan law firm,” said CBRE broker Roger Griswold in a prepared statement. “We were particularly pleased that CBRE could aid this law firm in bringing a traumatic time to an ultimately happy conclusion.”
Mr. Griswold and his CBRE colleague Jeff Sharon represented the firm in the deal, while brokers from JLL negotiated on behalf of the landlord.
Representatives for JLL didn’t immediately respond to a request for comment or the names of the brokers, and CBRE officials didn’t respond to a request for asking rents at the 25-story building. But average asking rents downtown have jumped to $50.78 per square foot from $46.96 per square foot 12 months ago, according to the latest quarterly report from CBRE.