Downtown Law Firm Paring Office at 90 Broad, Moves Some to Long Island
Liam La Guerre May 13, 2016, 4:30 p.m.
Gallo Vitucci Klar, a law firm, has signed a 12,000-square-foot lease to relocate within 90 Broad Street as it moves some of its offices to Long Island, Commercial Observer has learned.
The firm’s office will move into part of the 12th floor of the building between Stone and Bridge Streets, according to Savills Studley, which represented Gallo Vitucci Klar. Asking rent in the 10-year deal at 90 Broad Street was $48 per square foot.
Gallo Vitucci Klar first signed on at the building in 2007 before expanding in 2010, according to CoStar Group. Its original lease at the 417,068-square-foot property ran through 2020, a Savills Studley spokeswoman said.
The firm currently has 19,000 square feet of space on the third floor of the building, but is downsizing by moving some operations to 7,500 square feet at 100 Crossways Park Drive West in Woodbury, Suffolk County. This is Gallo Vitucci Klar’s first office on Long Island.
“They have clients in both markets, and a number of the partners are from Long Island,” Savills Studley’s Marc Shapses, who represented the tenant with colleagues Roi Shleifer and Oliver Petrovic, said in a prepared statement. “It was a prudent business decision to ultimately better serve their clients and the team.”
Scott Cahaly of JLL, who brokered the deal on behalf of the landlord Princeton International, did not return a request for comment. Douglas Furer of Mariner Real Estate Services co-brokered the Long Island transaction alongside Savills Studley.
Other tenants in 90 Broad Street include law firm DeCorato Cohen Sheehan & Federico and title insurance services firm Regal Title Agency.
With additional reporting provided by Terence Cullen.