Law Firm Arent Fox Takes 76K SF in Move Within Midtown West
By Rebecca Baird-Remba August 23, 2017 3:05 pm
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Arent Fox has inked a deal for 76,000 square feet at the Paramount Group’s 1301 Avenue of the Americas.
The 350-person law firm will take over the entire 41st and 42nd floors and half of the 38th floor in the tower between West 52nd and West 53rd Streets, The New York Post reported. The lease was signed today, and the attorneys are expected to move into the 46-story building in January 2018, according to CoStar Group.
The lease will last for 15 years, and asking rent in the transaction was $100 a square foot, sources told Commercial Observer.
The firm will relocate from 1675 Broadway, which is a block and a half to the west between West 52nd and West 53rd Streets.
Howard Grufferman and Cynthia Foster of Colliers (CIGI) International represented the law firm in the transaction, and JLL (JLL)’s Frank Doyle, David Kleiner, Clark Finney and Harlan Webster represented Paramount. Neither brokerage’s spokesperson responded to a request for comment.
The building’s big floor plates and recently updated infrastructure have attracted a number of sizable corporate tenants in the past two years. Reinsurance giant Swiss Re moved into 68,000 square feet of offices at the Skidmore, Owings & Merrill-designed property earlier this year, Commercial Observer previously reported. Key Bank also took 73,000 square feet there in 2015.
And Paramount has drawn a handful of other legal tenants to the 1.8-million-square-foot commercial property. Law firms Susman Godfrey and Norton Rose Fulbright moved into the building two years ago.
