Law Firm Takes Bigger Space at Park Avenue
- Jan 06, 2016
Law firm Stradley Ronon Stevens & Young has signed a new lease for 9,620 square feet at 100 Park Avenue in Manhattan, it was announced last week by Cushman & Wakefield, which negotiated both sides of the 10-year lease.
Stradley Ronon is expanding from a sublease of 5,122 square feet on the 32nd floor in the same building, a Cushman spokesperson told Commercial Property Executive. Financials on the transaction were not forthcoming.
Built in 1950, the 887,489-square-foot building reportedly is known for being Park Avenue’s first modern glass-and-steel tower. It has received an international BOMA award, is Silver LEED and WiredScore certified, and recently underwent a $70 million renovation. Major tenants include BDO Seidman, Wells Fargo, Aecom Technology, Ameriprise and Aetna.
The owner, SL Green Realty Corp., was represented by Tara Stacom, Barry Zeller, Justin Royce, Connor Daugstrup and Matthias Li of Cushman & Wakefield. Remy Liebersohn, also of Cushman & Wakefield, represented Stradley Ronon.
In addition to its Park Avenue location, Stradley Ronon, with more than 200 attorneys, has offices in Philadelphia; Washington; Malvern, Pa.; Cherry Hill, N.J.; Wilmington, Del.; and Harrisburg, Pa.
Though November office leasing activity in Midtown Manhattan was nearly 20 percent below its five-year monthly average, year-to-date leasing activity totaled 16.23 million square feet, a seven percent increase over last year, according to a December 2015 report from CBRE.
Year-to-date net absorption is negative, however, though the average asking rent is up six percent from November 2014. Tight availability in Midtown South pushed asking rents in Times Square South to a record high of $58.37, again according to CBRE.