Leases  ·  Office

Hedge Fund Renews, Law Firm Expands in Silverstein’s Midtown West Building


Silverstein Properties is keeping its 47-story tower at 1177 Avenue of the Americas between West 45th and West 46th Streets packed, after signing two new leases, totaling more than 40,000 square feet.

In the bigger of the two deals, hedge fund QVT Financial has signed a seven-year, 25,000-square-foot renewal, Commercial Observer has learned.

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The financial firm will continue to occupy its offices comprising the entire ninth floor of the 1-million-square-foot, 47-story tower. Asking rents in the building range from the mid-$70s to the mid-$80s per square foot, according to a spokeswoman for Silverstein.

Neil Goldmacher and Josh Friedman of Newmark Grubb Knight Frank represented QVT in the transaction. Messrs. Friedman and Goldmacher did not return requests for comment.

In the second deal, Philadelphia-based law firm Drinker Biddle & Reath signed a deal to expand by 15,375 square feet. For the next 10 years, the firm will have the entire 37th floor, bringing its total space in the building to 45,000 square feet. The law firm moved into the building in 2011, occupying the entire 41st floor, and then added the 15,375-square-foot 38th floor in 2013, as CO previously reported.

“Drinker Biddle & Reath has exceeded its goals to expand the New York City office,” Jeffrey Baker of Cresa Philadelphia, who represented Drinker Biddle & Reath with colleague Jane Roundell, said in a statement. “The recent expansion has tripled their original space at 1177 Avenue of the Americas.”

Silverstein’s in-house team of Roger Silverstein, Joseph Artusa and Camille McGratty represented the company in both deals.

“We are always thrilled when our tenants are doing well and looking to grow, and we were very happy to be able to accommodate them,” Mr. Artusa said in prepared remarks about the Drinker Biddle & Reath transaction.

The building is nearly completely leased. Signature Bank, VakifBank and Investors Growth Capital are among the financial institutions that have taken space recently, as CO previously reported.