Law Firm Wilson Sonsini Leases 119K SF at 31 West 52nd Street
By Mark Hallum April 4, 2023 4:26 pm
reprints
Paramount Group plugged a giant breach in its hull at 31 West 52nd Street, swapping one law firm moving out with another moving in.
Wilson Sonsini Goodrich & Rosati signed a 16.5-year deal to take over 119,000 square feet previously occupied by law firm Clifford Chance, which has been gradually moving to smaller digs at Brookfield Properties’ 2 Manhattan West as its lease with Paramount expires in 2024, according to the landlord.
Paramount Group did not respond to questions about the brokers in the deal or asking rents, but a recent report from Colliers placed the average asking rents in Midtown at $78.35 for the first quarter of 2023.
Clifford Chance occupied about 190,000 square feet at 31 West 52nd and downsized to 144,000 square feet at Brookfield (BN)’s new 2 Manhattan West development. It marked the biggest lease expiration for Paramount. The landlord said it plans to partner with Wilson Sonsini to “de-risk” the remaining vacancy in the 768,000-square-foot Midtown building.
“Wilson Sonsini recognizes the importance of providing their employees an exceptional, amenity-rich work environment,” Peter Brindley, head of real estate at Paramount, said in a statement.
Wilson Sonsini will join other law firms Pillsbury Winthrop Shaw Pittman and Holland & Knight when it moves into the 29-story 31 West 52nd.
Mark Hallum can be reached at mhallum@commercialobserver.com.
