Law Firm Herrick Feinstein Reconfigures Its 2 Park Avenue Footprint
Corporate Suites snapped up 25,784 square feet of the law firm’s old space
By Abigail Nehring June 6, 2024 12:27 pm
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Law firm Herrick Feinstein will hunker down in a smaller footprint at its longtime 2 Park Avenue office, Commercial Observer has learned.
The century-old firm will drop about 40 percent of its space and now occupy 76,849 square feet after it signed a renewal for the entire 14th floor and a new deal for part of the 15th floor, according to sources with knowledge of the deal and landlord broker Cushman & Wakefield (CWK).
Herrick Feinstein previously occupied about 130,000 square feet on floors 14, 20, 21 and 22 in the 25-story office tower. It had been subleasing the 20th floor to Corporate Suites, a provider of flexible-term executive office suites, according to the sources.
Corporate Suites now inked a direct deal with landlord Morgan Stanley (MS) for its 25,784 square feet on the 20th floor after Herrick Feinstein officially gave up the space. It’s one of five New York City locations available for short-term rent on the Corporate Suite’s website.
A spokesperson for C&W declined to provide the length of the deals and asking rent, but average asking rent for office space in Midtown South was $81.11 per square foot last month, according to a report by Colliers.
It’s unclear how long Herrick Feinstein has been at the property or why it opted to reduce its space. The law firm, founded in Brooklyn in 1928 by Abraham Herrick and Abraham Feinstein, now occupies less than half of the 160,000 square feet it leased in the building over a decade ago, according to a 2011 story from Real Estate Weekly.
Spokespeople for Herrick Feinstein and Morgan Stanley — whose real estate arm, Prime Property Fund, purchased the building in 2007 — did not respond to requests for comment.
JLL (JLL)’s John Wheeler and Peter Riguardi arranged the deal for Herrick Feinstein and did not respond to requests for comment.
C&W’s Garett Varricchio and Mark Weiss represented Corporate Suites and declined to comment.
The moves between Herrick Feinstein and Corporate Suites weren’t the only recent deals at 2 Park Avenue, which spans the entire stretch of Park between East 32nd and 33rd streets. Construction consulting giant AECOM signed on for 17,490 square feet on the 15th floor of the building, according to C&W.
The terms of the deal with AECOM are unclear. The company’s headquarters are nearby at SL Green Realty’s 100 Park Avenue. In 2022, AECOM dramatically reduced its space at 100 Park, and renewed for another 10 years at the building between East 40th and East 41st streets, as CO previously reported.
It’s unclear if it’s a new office or a relocation for AECOM.
JLL’s Edward DiTolla, Henry Warner and William Korchak represented AECOM and declined to comment.
Tara Stacom, Mitchell Arkin, Peter Trivelas and Mike Tranfalia of C&W handled the deals for Morgan Stanley.
Arkin said in a statement that amenity upgrades have helped build a sense of community at Two Park and proved “paramount” in closing all three deals.
“The amenities, specifically, the Ely Lounge, which includes an expansive outdoor terrace, have become essential features for tenants looking to relax, network or enjoy shared outdoor space,” Arkin said.
Other tenants at the 852,731-square-foot building include LT Apparel Group, which owns Adidas Kids and Carhartt Kids, women’s clothing retailer Kate Spade and the American Society of Mechanical Engineers, as CO previously reported.
Abigail Nehring can be reached at anehring@commercialobserver.com.
