Leases  ·  Office

RE Attorney Adam Leitman Bailey Nabs Bigger Digs Downtown at $41/Foot


Real estate attorney Adam Leitman Bailey has subleased 26,000 square feet Downtown, paying $41 per square foot, a source with intimate knowledge of the deal told Commercial Observer.

The 50-person law firm is taking the entire 18th floor at One Battery Park Plaza, with views of the Statue of Liberty on one side and the city skyline on the other, the source said. It is space leased to law firm Hughes Hubbard & Reed.

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The transaction is for seven years with options, and Adam Leitman Bailey P.C. will move in by April 1. Silverstein Properties is allowing the firm to terminate its lease at 120 Broadway, where it occupies between 10,000 and 13,000 square feet, three months early.

Newmark (NMRK) Grubb Knight Frank’s Neil Goldmacher, Chris Mongeluzo, Hal Stein and Brian Goldman represented the sublandlord in the deal while CBRE (CBRE)’s Adam Foster represented Bailey, as The Real Deal first reported. The brokers declined to comment via a spokeswoman, as did Bailey. Foster didn’t immediately respond to a request for comment.

The full-block property, which has an alternate address of 24 State Street and is between State, Whitehall, Pearl and Bridge Streets, is 36 stories and 875,000 square feet. Other tenants in the building include law firms Seward & Kissel and Harris King Fodera. Last May, National Development Council, a nonprofit for low-income communities, inked a deal to move into the building, as CO reported at the time.