BRUCE STACHENFELD
Law firm Duval & Stachenfeld LLP is preparing to move to new offices at 555 Madison Avenue, also known as the Coates Building, in the pricey Plaza District.
The company signed a 13-year lease for 50,000 s/f of space in 2011, but the move was delayed until this month.
At the time, managing partner Bruce Stachenfeld said, ?I can?t claim to have a crystal ball, however I like the idea of locking in our leasing costs now (20 months ahead of time) rather than taking my chances on the leasing market in a year.?
Asking rents in the building were then ?around $59 a square foot,? according to Cushman & Wakefield?s Robert A.B. Baraf, who repped landlord The Rodney Corporation with Mark Mandell and Ethan Silverstein. Plaza District asking rents today stand at $77.17 psf, according to most recent figures from Colliers International Realty.
Studley?s Paul Revson, Zev Holzman and Zach Reiner represented Duval & Stachenfeld and negotiated what they called ?a favorable financial package? that included ?a healthy work letter as well as a significant period of free rent.?
PAUL REVSON
Revson said it was a win-win. ?The deal was propitious for the landlord who now has secured in advance a signed lease from a credit-worthy law firm for 14 years, and equally beneficial for Duval, which will be moving to prestigious Midtown headquarters.?
The lease was handled internally for Duval & Stachenfeld by Real Estate Group partner Eric G. Menkes.?Duval & Stachenfeld, LLP, which as one of the largest real estate practices in the city and offers a range of practice areas, will occupy the entire sixth and seventh floors of the 448,352 s/f, 32-story building located at East 56th Street.
Stachenfeld said, ?We really like the building ? we really like our new location ? and we believe the Coates family will be excellent landlords.
Other law firms at 55 Madison include Weil Gothshal & Manges and Rivkin Radler LLP. Other tenants include Dreyfus Foundation and ME Zuckerman.
Other posts by REW Staff
Source: http://www.rew-online.com/2013/03/04/50000-sf-mad-move-not-so-crazy-now-says-law-firm/
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