The law firm will take more than 105,000 sq ft of office space on Fifth Ave.
The prestigious law firm Baker & McKenzie has confirmed it has signed a 15 year lease at IDB Group‘s 452 Fifth Ave in New York. The deal will see the company take 105,803 sq ft of office space across six and a half floors and means the firm will become the second largest tenant in the Trophy NYC office tower behind HSBC.
Under the agreement the international law firm will relocate from their current premises at 1114 Avenue of Americas to take space on part of floor 14 and through floors 15 to 20. The agreement marks the third new letting for the property in the past few months – last month saw investment fund manager NCH Capital and a US affiliate of Man Group both sign up for substantial floor space in the Manhattan building.
Last month’s transactions saw the US affiliate of Man Group lease 49,000 sq ft in the tower which was previously occupied by HSBC. Under the agreement, the group plan to consolidate three trading floors from three separate NYC locations across three floors within the building. The Trophy office tower’s second October deal saw NCH Capital sign up for 16,428 sq ft of office space on the 24th floor.
Although president of IDB Group PBC-KOOR USA Ehud Elizur believes Baker & McKenzie chose 452 Fifth Ave due to its central location and close proximity to central transport hubs, he also believes the height of the building may have played an important part in the transaction.
“All the buildings around it are low buildings. When you’re in the building you really have unobstructed views in all directions. And the glass walls (floor to ceiling) are attractive to tenants who entertain clients and customers, because they get a great view in all directions,” he commented.
IDB Group purchased the Manhattan building for $330 million in 2009 and the deals come not long after the group completed the first phase of a $22 million capital improvement campaign at the property on Fifth Ave.