Law firms may be shrinking their real estate, but CKR Law is hiring and as a result expanding its space at 1330 Avenue of the Americas after just two years in the building, Commercial Observer has learned.
CKR Law is tacking on the 16,300-square-foot 12th floor via a 13-year lease, making it coterminous with the time remaining on its original lease for the same-sized 14th floor, according to a spokeswoman for landlord RXR Realty. (The building has no 13th floor.) The asking rent was $80 per square foot.
Cushman & Wakefield’s Peter Trivelas, Michael Baraldi and Heather Thomas represented RXR Realty in the deal. C&W’s spokesman didn’t immediately respond with a comment. Newmark Knight Frank’s Brian Waterman and Lance Korman represented the tenant. A NKF spokesman didn’t provide a comment.
CKR Law is just one of the tenants in the 40-story, 525,825-square-foot property between West 53rd and West 54th Streets. Others include Streaming service fuboTV in 10,000 square feet, as CO previously reported, as well as media company Entertainment Studios, developer and investment company Amerimar Enterprises and investment consulting firm Noble Capital Advisors.
The lease comes as good news as law firms contracted space nationwide by 27 percent between first-quarter 2016 and second-quarter 2017, according to a recent CBRE report. In New York City specifically, there was an average 24 percent space reduction among such firms since the beginning of 2016, the brokerage determined.
“Law firms are adjusting their real estate strategies in response to advances in technology, shifting client demand, aging workforces and intense competition to attract and retain skilled talent,” according to a press release accompanying the report, dated Oct. 25.