Law Firm Ropes & Gray Inks 535K-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 more than 535,000 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 three 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 20 years and has expansion options allowing the firm to grow to 535,000 square feet, according to the law firm. 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.
“New York serves as a strategic hub for our firm, our local clients as well as many of our global clients,” Julie Jones, chair at Ropes & Gray, said in a statement. “We have experienced tremendous growth in this important city by dedicating ourselves to providing top-tier legal services to these clients and by recruiting many of the best lawyers in the New York market.”
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 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.
Update: This story was updated to clarify that Ropes & Gray took 535,000 square feet in the building.
Isabelle Durso can be reached at idurso@commercialobserver.com.
