Milbank Commits to Big Chunk of 55 Hudson Yards in Far West Side Move
Terence Cullen April 29, 2016, 9:56 a.m.
Milbank, Tweed, Hadley & McCloy has signed a letter of intent to occupy a large chunk of space at 55 Hudson Yards, the Far West Side office tower that developers Related Companies, Oxford Property Group and Mitsui Fudosan America have been courting to law firms.
The white-shoe law firm is planning to take 250,000 square feet across nine floors of the 1.3-million-square-foot office tower at the corner of West 33rd Street and 11th Avenue, according to a press release from the building’s developers. A deal should be finalized by the end of this summer.
“At Hudson Yards, we look forward to creating an office space for the firm’s exciting future: a space which will foster our collaborative, energetic and inclusive culture,” Milbank Chairman Scott Edelman said in prepared remarks. “We are thrilled to become part of what promises to be an exciting new community in New York City.”
Milbank will be making one of the longest moves to Hudson Yards from its current offices Downtown, in a similar space at 28 Liberty Street between William and Nassau Streets. Rumors have swirled in recent months that the law firm was between staying at the building or moving to the Related project, with it becoming more likely that Milbank would move west. The firm’s current lease at 28 Liberty Street, formerly known as One Chase Manhattan Plaza, runs through 2019, CoStar Group indicates.
Dale Schlather of Cushman & Wakefield represents Milbank, while Robert Alexander and Howard Fiddle of CBRE represented the developer along with Stephen Winter of Related in-house.
“Hudson Yards will redefine the way people work and the presence of Milbank adds yet another visionary and forward-thinking global leader to the project,” Related Chief Executive Officer Jeff Blau said in a statement. “Their new headquarters at 55 Hudson Yards offers the unique opportunity to create their own park-front office space with unprecedented access to a dynamic live, work, play environment.”
Milbank’s letter of intent marks the second law firm and the largest lease that the developers have signed to the building. Boies, Schiller & Flexner became the first legal eagle to ink a deal at the 51-story building last year, when it committed to taking 83,000 square feet when 55 Hudson Yards is finished in 2018.