Tower 45 Signs Four Lease Renewals and Two New Tenants for 39K SF
By Mark Hallum May 18, 2022 3:13 pm
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Tower 45, located at 120 West 45th Street, will have two new tenants and six companies staying put, totaling 39,471 square feet of deals, Commercial Observer has learned.
The biggest deal in the slate was for The Dearie Law Firm, which will be relocating from 515 Madison Avenue as well as expanding. The personal injury law firm will be taking the entire 16th floor of Tower 45 with 13,969 square feet for a term of 10 years, according to landlord broker JLL (JLL). Its current footprint is a third the size, at 4,558 square feet.
“Amid a pattern of continued success and aggressive growth in case counts, The Dearie Law Firm anticipates the need to boost hiring at several positions,” Gary Ceder of Cushman & Wakefield (CWK), who represented the firm, said in a statement. “This served as the impetus to kick off a search in earnest for a larger office. Tower 45 ultimately emerged because it affords Dearie the opportunity to secure a full-floor presence in a renovated asset and the option to expand onto adjacent floors over time.”
The second-largest deal was for Lipsky Goodkin & Co., an accounting firm founded in 1918 as Michael Schimmel & Co., which signed a 10-year renewal for 10,093 square feet across the entire seventh floor. Scott Weiss, executive managing director, and Erik Schmall, vice chairman of Savills, represented the firm in the deal but did not immediately provide a comment.
Asking rents on the property were not disclosed.
Other tenants at Tower 45 include Critical Trading, an investment firm, which renewed its lease of 2,674 square feet on the second floor for five years, with representation in-house. The McPherson Firm, a boutique law office, renewed for three years at 4,750 square feet on part of the 28th floor; it too had in-house representation.
Law firm Berg & Androphy renewed for 3,084 square feet on the 38th floor for 18 months and was represented by Arash Sadighi, co-founder of Venture Capital, who could not be reached for comment. Real estate advisers Stan Johnson Company leased 4,901 square feet on the 26th floor for five years with representation from Gregory Albert and Gabe Marans with Savills.
JLL’s Paul N. Glickman, Diana Biasotti, Kyle Young, Kip Orban and Kate Roush brokered all the deals for the landlord, Kamber Management.
“Kamber Management Company is a forward-thinking property owner that has positioned this building to support tenants in employee attraction and retention,” Young said in a statement. “The leasing momentum in the property confirms that tenants are responding to high-quality spaces with significant amenity packages.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
