Sullivan & Worcester Relocating to 42K SF at 1251 Avenue of the Americas
By Mark Hallum May 6, 2024 1:46 pm
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Law firm Sullivan & Worcester will relocate to slightly smaller digs at Mitsui Fudosan America" class="company-link">Mitsui Fudosan America’s 1251 Avenue of the Americas.
The Israel-based law firm signed a sublease to move its New York City offices to 41,900 square feet in the tower at the corner of 50th Street and the Avenue of the Americas as it has recently increased its headcount to 52 attorneys and 18 staff members, Sullivan & Worcester announced.
Sullivan & Worcester are subletting the space from Lowenstein Sandler, which expanded to 125,000 square feet in September 2021, according to tenant brokers from CBRE (CBRE).
The firm did not disclose the asking rent and the length of the lease. Average asking rent in Manhattan in the first quarter of 2024 was $87.44 per square foot, according to a report from Avison Young.
Sullivan & Worcester currently occupies about 51,000 square feet at 1633 Broadway, Law360 reported. Despite the smaller footprint, its new space will have 63 offices, about a dozen more than its current outpost, the company said.
“Given our growth trajectory, we believe the office space and new location make strategic sense for the firm and for our clients,” David Danovitch, managing partner of Sullivan & Worcester’s New York office, said in a statement. “The new office space has enhancements that will enable us to offer a state-of-the-art tech and work experience for our team and our clients.”
Jason Gorman, John Nugent, David Fitzgerald and Marlee Teplitsky of CBRE negotiated on behalf of the tenant, while Michael Goldman of Cresa represented Lowenstein Sandler. CBRE declined to comment. Mitsui Fudosan America and Goldman did not immediately respond to requests for comment.
Other tenants in the Avenue of the Americas building include financial advisory firm Solomon Partners, which signed a 15-year lease for 70,662 square feet in December; and asset manager TCW Group, which occupies about 44,100 square feet.
Mark Hallum can be reached at mhallum@commercialobserver.com.
