Law Firm Faegre Drinker Keeps 42K-SF Office at Silverstein’s 1177 Ave of the Americas
By Abigail Nehring July 16, 2024 6:23 pm
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Law firm Faegre Drinker Biddle & Reath will rest its case at Silverstein Properties‘ 1177 Avenue of the Americas a little while longer.
The international firm inked a deal to remain at its longtime home in Midtown but move its office up a few floors to 42,394 square feet on the 41st through 43rd floors of the 47-story building, landlord Silversteinannounced.
A spokesperson for Silverstein declined to share the exact length of the lease, describing it only as a “long-term” deal, but said asking rent was between $87 and $95 per square foot.
The New York firm, formerly known as Drinker Biddle & Reath, has been at the building since 2013, when it signed on for a more modest 15,375 square feet, as Commercial Observer previously reported. It currently occupies space on the 37th, 38th and 41st floors, according to Silverstein, but it’s unclear how big its current digs are.
The firm joined forces with Midwestern law firm Faegre Baker Daniels in 2019 to form Faegre Drinker Biddle & Reath, the largest merger in the legal sector that year, according to market researcher Leaders League. The company now has a formidable staff of more than 1,200 working in 17 offices across the United States, plus London and Shanghai, according to its website.
The building on Avenue of the Americas between West 45th and 46th streets “has served as a key location to support our clients and for our firm’s growth and development,” Laura Appleby, a partner at Faegre Drinker and head of the firm’s New York office, said in a statement.
And the firm is “excited for the fresh, collaborative space” it will move into with its relocation to higher floors, Appleby said.
Along with the Faegre Drinker’s deal, the building also lured a new tenant: The Trustees of Columbia University signed on for 15,375 square feet on the 34th floor.
The Ivy League university will relocate its trustees’ headquarters from 405 Lexington Avenue, about four blocks east. The university signed a long-term lease, according to Silverstein, which did not specify the exact length.
JLL (JLL)’s Greg McCavera, Michael Berg and Sofia Bruno arranged the deal for the law firm and did not respond to requests for comment.
Silverstein’s Joseph Artusa, Keith Cody, Harlan Strader and Gordon Hough represented the landlord in-house for both leases along with Cushman & Wakefield (CWK)’s Bruce Mosler, Lou D’Avanzo, Ethan Silverstein, Anthony LoPresti, Peter Kerans and Caroline Collins.
Artusa said in a statement that Silverstein managed to keep its longtime tenant Faegre Drinker thanks to the “modern, collaborative workplace” the office tower offers.
C&W’s Mark Weiss and Keaton McCann represented the Columbia trustees and did not respond to requests for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
