Law Firm Rolnick Kramer Sadighi Signs on for 5K SF at Penn 1
By Abigail Nehring February 27, 2024 6:17 pm
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A 4-year-old law firm will move into roomier digs at Vornado Realty Trust (VNO)’s Penn 1 this spring.
Securities litigation firm Rolnick Kramer Sadighi (RKS) signed a 10-year lease for 5,064 square feet on the 34th floor of the 57-story office tower at 1 Penn Plaza, a block from Pennsylvania Station, according to tenant broker Draznin Real Estate Advisors’ Arthur Draznin.
Asking rent was $110 per square foot, Draznin said.
The firm started in 2020 after Lawrence Rolnick, Marc Kramer and Sheila Sadighi — former senior partners at Lowenstein Sandler — decided to strike out on their own. RKS provides counsel to hedge funds, mutual funds, private equity firms and other investment management clients, according to its website.
RKS will relocate its headquarters from the 3,300 square feet it currently occupies about a mile north at 1251 Avenue of the Americas, increasing its footprint by 53 percent with the move to Penn Plaza. The law firm also has an office in New Jersey.
Draznin said RKS’s senior partners were initially hesitant about relocating to the center of the Penn District, where New York State and Vornado have recently stalled on their plans to redevelop the city’s busiest transit hub and surrounding office towers. But after the partners toured the building “it became a no-brainer that this was the right place for them to be,” Draznin said.
Vornado’s Anthony Cugini and Josh Glick represented the real estate investment trust in-house. Cugini and Glick declined to comment.
The landlord recently completed a $450 million renovation of the 1970s-era, 2.5 million-square-foot property and signed deals with investment advisory firm Canaccord Genuity Group and Samsung.
Abigail Nehring can be reached at anehring@commercialobserver.com.
