Law Firm Kudman Trachten Aloe Takes 16K SF at 800 Third Avenue
By Nicholas Rizzi December 3, 2020 4:12 pm
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Law firm Kudman Trachten Aloe took 15,710 square feet at 800 Third Avenue in Midtown and moved its offices from the Empire State Building, Commercial Observer has learned.
Kudman Trachten Aloe signed a three-year sublease with law firm Levy Konigsberg for the space on the 11th floor of SL Green Realty Corp.’s 41-story building between East 49th and East 50th streets, according to Colliers (CIGI) International, which brokered the deal for Levy Konigsberg.
A spokesman for Colliers declined to provide the asking rent, but CoStar (CSGP) Group data shows it ranges from $62 to $72 per square foot in the building.
Levy Konigsberg — which recently won multimillion-dollar settlements in cases linking talcum powder to asbestos exposure — inked a sublease with Univision in March to move its headquarters from 800 Third to 20,000 square feet at 605 Third Avenue in Murray Hill.
The deals are examples of the increasingly busy trend in subleasing activity in Manhattan since the outbreak of the pandemic. The amount of space available for sublease is at or near a historic high, putting a downward pressure on office rents overall.
Kudman Trachten Aloe already moved into the 800 Third space, and Colliers is still marketing another 13,208 square feet on the 12th floor of the property.
“Completing office leases in this unstable environment requires deep market knowledge and experience,” John Pavone, a senior managing director at Colliers’ New York office, said in a statement. “We’re proud of our team for being able to secure economical terms and deliver this result for our client in a timely manner.”
Pavone represented Levy Konigsberg, along with associate director Jessica Verdi, while a Newmark (NMRK) team handled it for the subtenant. A spokesman for Newmark declined to comment.
Other tenants in 800 Third include law firm Cohen & Gresser, investment management company Renaissance Technologies, and flexible office provider Quest Workspaces.
