Chadbourne & Parke Take 200,000 SF at 1301 Sixth
- Sep 10, 2012
Chadbourne & Parke L.L.P. has found a new home base, courtesy of New York City’s largest law firm office lease of the year. The firm signed a deal to occupy 200,000 square feet at 1301 Sixth Ave., a 1.8 million-square-foot tower owned by the Paramount Group.
It’s a big commitment, and a long one. Chadbourne signed a 20-year lease agreement that includes two five-year renewal options. Gensler has been brought onboard to spearhead the design of the firm’s new space in the 47-story tower. Chadbourne is making its way from 30 Rockefeller to 1301 posthaste, and will wrap up the relocation upon completion of the build-out of its offices.
“The deal allows us to take substantial space under attractive terms,” said Andrew Giaccia, Chadbourne managing partner.
Commercial real estate services firm Newmark Grubb Knight Frank shepherded Chadbourne through the search and secure process.
The lease, one of the largest office leases in Manhattan this year, rescues a sizeable chunk of space that was vacated by law firm Dewey & LeBoeuf L.L.P. following its bankruptcy filing in May. It’s a good thing for Paramount, which has owned 1301 Sixth since acquiring the asset for approximately $1.5 billion in 2008, and for Midtown Manhattan. The submarket, while faring better than many cities across the country — its second quarter vacancy rate was 13.2 percent, compared to the national vacancy rate of 16.1 percent, according to an NGKF report — is not exactly soaking up space with ease. Although Midtown experienced positive net absorption in the second quarter, the total net absorption for the first six months of the year was negative 720,000 square feet, per the report.