Law Firm Manatt Phelps Renews 80K SF at Times Square Tower
The company will continue to operate on the 22nd through 24th floors of the 47-story Midtown office building, which has an alternate address of 7 Times Square and occupies a full block from Seventh Avenue to Broadway and West 41st to West 42nd Streets.
Manatt Phelps, which has been a tenant in the building since its construction in 2004, will renovate its offices to increase “efficiency” and add new meeting and collaboration spaces as well as a new conference center. The design will feature more glass to increase the natural light into the space.
“After a thorough market review and serious consideration of attractive relocation alternatives, Boston Properties’ renewal terms were the most competitive for Manatt,” Savills Studley’s Mitch Steir, who brokered the deal for the tenant with colleagues Howard Nottingham, John Mambrino and Jason Perla, said in prepared remarks. “Following the renovation, Manatt’s workplace will have the best design and amenities to attract and retain top talent as the firm continues to grow in New York.”
The terms of the deal were not immediately clear, but asking rents in the building are between the low $80s and the mid-$90s per square foot, according to The New York Post which broke the news of the deal.
Boston Properties’ Andy Levin and Heather Kahn handled the lease negotiations for the landlord in-house, The Post said. A spokeswoman for Boston Properties did not immediately return CO’s request for comment.
After Boston Properties built the Skidmore, Owings & Merrill-designed property 14 years ago, it sold a 45 percent stake in the tower to Norway’s sovereign-wealth fund—managed by Norges Bank—for $684 million, as CO previously reported.