A law firm has inked a deal to relocate and expand to a full-floor space within the Financial District, Commercial Observer has learned.
The 10-year deal puts the firm on the entire 20th floor of the building between William and Broad Streets. Asking rent in the transaction was $52 per square foot, according to a spokeswoman for the landlords.
Newmark Holdings and Northwind Group in November 2015 scooped up the 1893 building for $115 million, property records indicate. The new landlords then went on to upgrade the 300,000-square-foot property’s infrastructure and lobby, per the release.
“We are delighted to welcome prestigious law firm Kaufman Dolowich & Voluck to 40 Exchange, where we recently executed a total renovation and upgrade,” Brian Steinwurtzel, the co-chief executive officer of Newmark Holdings, said in prepared remarks. “The commitment by the tenant speaks to our exceptional asset management skills, as we are continually looking to invest in each of our assets in order to provide our tenants with the best experience possible.”
Kaufman Dolowich & Voluck won’t have far to move, because it is currently based around the corner at 60 Broad Street between Beaver Street and Exchange Place. CoStar Group shows that the firm leases 5,758 square feet on the 36th floor in a lease that expires in May 2021. That space is currently up for sublease, according to the real estate data service.
In the lease at 40 Exchange Place, Andrew Beckler of Blue Rock Bay Real Estate represented the tenant and could not immediately be reached for comment, while Allen Gurevich of Newmark Holdings represented the landlord in-house.