Law Firm O’Melveny & Myers Moves to 142K SF at 1301 Avenue of the Americas
By Celia Young September 16, 2022 12:02 pm
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Corporate law firm O’Melveny & Myers will swap its 150,000 square feet at 7 Times Square for slightly smaller digs 10 blocks north.
O’Melveny signed a 15-year lease to relocate to 142,000 square feet at Paramount Group’s 1301 Avenue of the Americas, according to a source with knowledge of the deal. Asking rent was $84 per square foot, said the source.
The law firm will take over the 17th through 20th floors of the 45-story building. Most of the space was previously leased by French bank Crédit Agricole, which shrunk its 240,000-square-foot presence to 167,000 square feet.
O’Melveny plans to move to the Avenue of the Americas property in late 2024 or early 2025, according to the source. CityBiz first reported the news of the O’Melveny & Myers relocation.
A host of companies, including Amazon, Meta, KPGM and Buzzfeed, have recently pulled back on the New York office market as remote work grows in popularity, but Los Angeles-based O’Melveny has been cutting its footprint at 7 Times Square for the past 15 years, chopping its space in half from a high of 355,000 square feet in 2006, the source said.
O’Melveny will join investment bank SVB Securities and insurance firm Swiss Re in the 1.7 million-square-foot building.
Paramount handled the deal in house via Peter Brindley, Doug Neye and Sean Kirk along with JLL (JLL)’s Frank Doyle, David Kleiner, Clark Finney and Andrew Coe. Lisa Kiell and Randy Abend, also with JLL, and CBRE (CBRE)’s Lynn Williams and Jeff Welch represented O’Melveney.
Spokespeople for O’Melveny and JLL declined to comment. Representatives for Paramount Group and CBRE did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
