Phillips Nizer has signed a 10-year lease for the entire 14th floor—or 38,243 square feet—at 485 Lexington Avenue between East 46th and East 47th Streets, the law firm announced.
In December, the firm will move from 49,000 square feet at 666 Fifth Avenue between between West 52nd and West 53rd Streets, Marc Landis, the managing partner at Phillips Nizer, told Commercial Observer. The company has leased the Fifth Avenue space since March 1, 1995 and was ready for a change. (Landis couldn’t immediately provide the asking rent.)
“This is an opportunity for us to build out new space to our specifications,” Landis said. “We’ve been at 666 Fifth Avenue for a long time and have had good relationships with landlords there. Our firm is 91 years old. As we move into the 21st century we need 21st-century space.”
That includes a more open setting with conference rooms instead of corner offices, and technology (computer equipment and video conference tools) built in.
JLL’s Alexander Chudnoff and Abraham Cooper represented Phillips Nizer in the deal. Landlord SL Green Realty Corp. was represented by JLL’s Paul Glickman, Benjamin Bass and Diana Biasotti.
“Phillips Nizer, one of the most recognized and respected names in the legal community, was looking to relocate its offices to a single floor in a premier, high-end office building,” Chudnoff said in a prepared statement. “485 Lexington Avenue offered the firm an ideal opportunity to move in to a top-tier building in Midtown near its ever-growing client base.”
The property at 485 Lexington Avenue is a 31-story, 929,765-square-foot office building erected in 1956. Tenants include Offit Capital Advisors, an employee-owned finance firm, investment firm Tailwind Capital and Memorial Sloan Kettering Cancer Center (via a sublease).