Real Estate Law Firm Expands to 32K SF at 1325 Avenue of the Americas
By Mark Hallum March 14, 2024 11:03 am
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Real estate legal services firm Cole Schotz is keeping its feet firmly planted at the Paramount Group’s 1325 Avenue of the Americas.
The tenant, which has been in the building since 2016, signed a lease extension with an additional 8,000 square feet from its original 24,000-square-foot workspace. That will bring its total footprint to 32,128 square feet across the 19th and 20th floors, according to Cushman & Wakefield.
C&W did not provide the asking rent in the deal, but the average for Midtown in the fourth quarter of 2023 was $82.89 per square foot, according to a report from CBRE.
“This strategic move not only underscores the firm’s ongoing growth but also ensures they have flexibility to make immediate enhancements to their current space,” C&W’s Justin Halpern, who represented the tenant alongside Ed Wartels and Ben Bouganim, said in a statement. “The center core floor plate of this size lends itself very well to law firm installations. This, along with the location and building quality, was what ultimately led to their decision to recommit to the building as their long-term home.”
Douglas Neye at Paramount negotiated in-house on behalf of the landlord and did not immediately respond to a request for comment.
Other tenants in the building include the Major League Baseball Players Association, which signed a 50,000-square-foot lease in January when asking rent in the building was $77 per square foot.
Insurance and commercial law firm Cohen Ziffer Frenchman & McKenna signed a deal in February 2022 to relocate to 23,347 square feet in the building, and publisher McGraw-Hill Education signed a deal to occupy 136,000 square feet in May 2018.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Update: this story originally stated that the expansion was for an additional 24,000 square feet but has been updated to reflect that it was an 8,000-square-foot expansion to its current 32,128 square feet.
