Willkie Farr & Gallagher Renew 315K SF at 787 Seventh Avenue
By Mark Hallum July 26, 2024 1:01 pm
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Law firm Willkie Farr & Gallagher has renewed its 315,000-square-foot headquarters at CommonWealth Partners’ 787 Seventh Avenue for an extra 20 years, the tenant announced Friday.
The space in the 51-story Theater District building will also undergo renovations to accommodate the tenant’s future needs, though it’s unclear if the landlord or the law firm will be paying for the upgrades.
The parties did not immediately provide the asking rent in the deal, but the average asking rent for offices in Midtown was $83.54 per square foot in the second quarter of 2024, according to CBRE (CBRE).
“Willkie’s presence and long-term tenancy at 787 Seventh is a true testament to our focus on creating an exceptional overall experience and establishing lasting relationships with our customers,” Stefan Khudic, a principal at CommonWealth, said in a statement.
Newmark‘s Neil Goldmacher, Brian Goldman, Moshe Sukenik and Douglas Levine negotiated on behalf of the tenant while CBRE’s Howard Fiddle, Evan Haskell, Brett Shannon and Courtney Hughson represented the landlord.
Willkie was founded in 1888 and has had its headquarters in the building, also known as the Axa Equitable Center, for 25 years, Rosalind Fahey Kruse, the managing partner for Willkie’s New York office, said in a statement.
“After conducting a thorough evaluation of our space needs for today and tomorrow, we are thrilled to announce that 787 will remain our home well into the future,” Fahey Kruse said.
The building is situated between 51st and 52nd streets and was purchased by CommonWealth and the California Public Employees’ Retirement System for $2 billion in 2016 from the American arm of French investment banking firm Axa.
It’s unclear if the retirement fund is still a part of the joint venture.
Other tenants in the building include Edgemont Capital Partners, Holland & Knight and Citibank on the ground floor, according to data from CompStak.
Mark Hallum can be reached at mhallum@commercialobserver.com.
