Manhattan Law Firm Relocates HQ After 50 Years
Law Firm News
Herzfeld & Rubin P.C. is relocating its headquarters to 125 Broad St. in New York's Financial District, after a 50-year stint at 40 Wall St.
Mack-Cali, which owns roughly 40 percent of the 40-story office tower, signed the global law firm to a 20-year, 56,322-square-foot lease. The new deal brings the REIT's 525,000-square-foot portion of the 1.3 million-square-foot high-rise to full occupancy. Mark Shapses, Joseph Messina and Jason Schwartzenberg with Studley represented Herzfeld & Rubin.
The law firm joins prominent tenants such as Sullivan & Cromwell LLP and the American Civil Liberties Union (ACLU), both of which own their space. Herzfeld & Rubin's 64,736-square-foot lease at 40 Wall St., which encompasses floors 50 through 56, is up at the end of this year. The new space offers comparable size, but on less than two floors.
The new deal brings a nearly four-year search to an end. "We were hired in 2005 to find a more cost-effective, efficient occupancy solution for the firm, and periodically went out into the market looking for space," said Shapses. "The market went through extraordinary price and availability changes in that period. The right situation with the right economics hadn’t surfaced until now."
Schwartzenberg noted that the space hadn't even hit the market yet. "We knew it would soon be vacated so we moved quickly to secure it."
Mack-Cali will cover 100 percent of the modifications Herzfeld & Rubin requires. The concession package also includes free rent and furnishings.
Continuing its string of long-term deals, Mack-Cali also signed Global Aerospace to a 12-year lease in Parsippany, NJ. The aerospace insurer took 47,891 square feet at One Sylvan Way at the Mack-Cali Business Campus. Kenneth Flynn of Jones Lang LaSalle represented Global Aerospace.
Global Aerospace is relocating its U.S. headquarters from 22 Sylvan Way, also part of the Mack-Cali Business Campus. Wyndham Worldwide Operations leased the entire 250,000-square-foot office building for 15 years in January, according to CoStar information.
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