By Kevin Smith | New York Business Journal
Law firm Faegre Drinker Biddle & Reath LLP is relocating its New York City office space within 1177 Avenue of the Americas, and the Trustees of Columbia University is moving into the 47-story building owned by real estate developer Silverstein Properties.
Faegre Drinker, which has been located in the Midtown tower since 2011, is relocating to floors 41 through 43, giving the law firm about 43,000 square feet of space at the building.
“For more than a decade, 1177 Avenue of the Americas has served as a key location to support our clients and for our firm’s growth and development,” said Laura Appleby, Faegre Drinker New York office leader and partner, in a statement. “We’re excited for the fresh, collaborative space for our colleagues and visitors, while still providing seamless access to all Midtown Manhattan has to offer.”
JLL's Greg McCavera, Michael Berg and Sofia Bruno represented Faegre Drinker on the deal.
Meanwhile, The Trustees of Columbia University are moving from The Chrysler Building at 405 Lexington Ave. to take over about 15,500 square feet on the 34th floor of 1177 Avenue of the Americas.
Cushman & Wakefield's Mark Weiss and Keaton McCann represented The Trustees of Columbia University.
Silverstein Properties was represented in the transactions by Cushman & Wakefield's Bruce Mosler, Lou D'Avanzo, Ethan Silverstein, Anthony LoPresti, Peter Keran and Caroline Collins, as well as in-house by Joseph Artusa, Keith Cody, Harlan Strader and Gordon Hough.
“A modern, collaborative workplace is essential to the growth and success of renowned institutions," Joseph Artusa, senior vice president at Silverstein Properties, said in a statement. “This building not only offers a state-of-the-art tenant experience but also a prime location with convenient access to New York City’s best cultural and entertainment offerings.”
Other notable tenants at the property include Kramer Levin, the YMCA Retirement Fund and Practising Law Institute. The building was formerly home to Signature Bank, which was shut down by federal regulators last March.
Silverstein is currently marketing about 300,000 square feet of office space for lease at the 1 million-square-foot office building.
The asking rent of the transactions were not disclosed. In Midtown West, Avison Young measured the latest average asking rent at $61.01 per square foot, which is more than $30 less than the rest of Midtown's average asking rent.
