Law Firm Phillips Nizer Expanding at 485 Lex Just Months After Move-In
The law firm Phillips Nizer, which relocated to 485 Lexington Avenue at the end of last year, is already expanding its new digs to 53,162 square feet, Commercial Observer has learned.
Phillips Nizer has signed a new deal for 14,919 square feet on part of the 10th floor of the building between East 46th and East 47th Streets, adding to its 38,243 square feet, sources with knowledge of the 11-year deal said. Asking rents at the property range from the $70s to the $80s per square foot.
The law firm announced last September that two months later it would be leaving 49,000 square feet at 666 Fifth Avenue for the entire 14th floor at SL Green Realty Corp.’s 485 Lexington Avenue, as CO previously reported.
“This is an opportunity for us to build out new space to our specifications,” Marc Landis, the managing partner at Phillips Nizer, told CO at the time. “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.”
The office building at 485 Lexington Avenue is 31 stories and 929,765 square feet. It was 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).
JLL (JLL)’s Alexander Chudnoff and Abe Cooper represented the tenant in the expansion deal. SL Green (SLG) was represented by JLL’s Paul Glickman, Jonathan Fanuzzi and Diana Biasotti and by SL Green’s David Kaufman and Natasha Brown. A spokesman for JLL didn’t immediately provide a comment and a spokesman for SL Green didn’t immediately respond.