Law Firm Ropes & Gray Inks 430K-SF Deal at 1285 Avenue of the Americas
By Isabelle Durso November 25, 2024 1:12 pm
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Law firm Ropes & Gray is moving to roughly 430,000 square feet at RXR’s 1285 Avenue of the Americas.
Ropes & Gray, whose clients include investment funds and institutions, will relocate its offices to the 39-story Midtown tower in two years when it leaves its current 300,000-square-foot office a few blocks away at 1211 Avenue of the Americas, according to Crain’s New York Business, which first reported the news.
The deal is for 15 to 20 years, sources familiar with the deal told Commercial Observer. The asking rent was unclear, but a report from Newmark found office rents in Midtown averaged $80.50 per square foot during the third quarter of 2024.
Cushman & Wakefield (CWK)’s Mark Weiss and Newmark (NMRK)’s Moshe Sukenik brokered the deal for the tenant, while RXR’s William Elder represented the landlord in-house. C&W declined comment, while spokespeople for Ropes & Gray, RXR and Newmark did not immediately respond to requests for comment.
Ropes & Gray will take over a large portion of space left behind by law firm Paul, Weiss, Rifkind, Wharton & Garrison, which is moving from its 550,000-square-foot office at the building to 765,000 square feet at Fisher Brothers’ 1345 Avenue of the Americas, as CO previously reported.
Other tenants of the building between West 51st and West 52nd streets include Swiss bank UBS, which renewed its roughly 900,000-square-foot space there in May 2016, and marketing agency Omnicom Group.
Isabelle Durso can be reached at idurso@commercialobserver.com.
