Ropes & Gray is expanding by 40,869 square feet, or the entire 34th floor, at 1211 Avenue of the Americas, Commercial Observer has learned. The gives the leading national law firm over 300,000 square feet of space in Rockefeller Center.
The firm is currently occupying around 280,000 square feet on floors three, 32 and 35 to 39, according to a source with knowledge of the deal. That lease spans March 3, 2012 to Feb. 28, 2019, CoStar indicates. The hew lease ends on April 30, 2027, the source said, and the asking rent was $90 per square foot.
Newmark Grubb Knight Frank’s Moshe Sukenik and Mark Weiss represented Ropes & Gray in the deal. Josh Kuriloff, Mitch Arkin and Ethan Silverstein of Cushman & Wakefield worked on behalf of the landlord. Ivanhoe Cambridge, which is a real estate subsidiary of a Quebec-based institutional fund manager, purchased a 51 percent controlling stake in the property with strategic partner Callahan Capital Properties for $850 million in 2013, as CO previously reported. The brokers didn’t immediately respond to requests for comment via spokespeople.
The building between West 47th and West 48th Streets, was built in 1973 and renovated in 2006. It’s 44 stories and comprises over 2 million square feet. Other tenants in the building include Rupert Murdoch’s 21st Century Fox and News Corp. (the media companies have agreed to move to the not-yet-built 2 World Trade Center, however) as well as Axis Reinsurance, financial services group Nordea Bank and investment bank RBC Capital Markets.