Lowenstein Sandler Reups, Expands at 1251 Avenue of the Americas
Lowenstein signed a 19-year lease to keep its offices on the 17th and 18th floors of the building and took 23,000 square feet on the 19th floor, according to the law firm and landlord brokers Newmark. Rents for the expanded space starts at $86 per square foot and increases to $100 per square foot, according to the New York Post, which first reported the deal.
The expansion brings the law firm’s presence in Mitsui Fudosan America’s 54-story building — which Lowenstein has been in since 2003 — to 125,000 square feet, according to a spokesperson for Lowenstein.
“Lowenstein has gone from one attorney in New York 20 years ago to now accommodating over 200, and we are committed to New York City as the home of our flagship office,” Steven Siesser, head of the firm’s New York office, said in a statement. “This investment is a true reflection of our growth and our position as a leading New York City firm.”
As part of the deal, Lowenstein Sandler would get 18 months of free rent for the new space and 14 months of free rent for its existing offices, something more landlords have been willing to offer to get deals signed during the pandemic, the Post reported.
Michael Goldman of AttentivRE represented Lowenstein Sandler, while David Falk and Peter Shimkin of Newmark handled it for the landlord. Goldman did not immediately respond to a request for comment.
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