Law Firm Goulston & Storrs Relocating to 30K SF at 730 Third Avenue
By Mark Hallum July 24, 2023 1:49 pm
reprints
Law firm Goulston & Storrs is relocating and expanding its New York City offices to support its growing headcount in a move to 30,000 square feet at Nuveen Real Estate‘s 730 Third Avenue.
The Boston-based Goulston & Storrs signed a 10-year lease for space to accommodate its 54 New York employees in the 27-story building, according to the tenant.
It has leased 25,000 square feet in the Lipstick Building at 885 Third Avenue since 2003 and plans to move to the new space on Aug. 1. The move will allow the law firm to house its employees on one single floor instead of the two floors it currently occupies, the tenant said.
The asking rent was not disclosed. However, Midtown saw an average asking rent of $79.85 in the second quarter of 2023, according to a report from Newmark.
“Coming out of the pandemic, we reassessed our space needs and found that our team highly values spending in-person time together,” Hara Perkins, director of Goulston & Storrs’ New York office, said in a statement. “We selected 730 Third Avenue because it gives us the opportunity to meet this need through the building’s incredible amenities paired with our office space design. It also gives us the room we need to continue to build and grow our New York office, which is a continued focus and priority for our firm.”
It was not made immediately clear who brokered the deal on either side of the deal.
Nuveen, which owns the property in a joint venture with Taconic Partners, recently invested $120 million in a renovation of building which has served as the headquarters for Nuveen’s parent company, Teachers Insurance and Annuity Association (TIAA), since the 1950s
TIAA holds sway over 300,000 square feet on the third through ninth floors. It has been subleasing to tenants such as K2 Integrity, a risk advisory firm, which agreed to a 39,968-square-foot lease in June 2022, Commercial Observer reported at the time.
“This move puts the firm in one of the most modern, flexible, efficient and convenient buildings in one of Manhattan’s largest commercial real estate districts,” Brian Wallick, director of asset management at Nuveen, said in a statement. “With full amenities and a location in close proximity to most major public transportation hubs, we meticulously renovated this building to be the complete package.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
