One of the world’s largest law firms, Clifford Chance, which, like many firms, finds itself with a many-thousand-square-foot albatross around its corporate neck, has succeeded in subletting 25,000 square feet of excess office space to its apparently healthier competitor, the Georgia-based Kilpatrick Stockton LLP.
Kilpatrick has renewed its existing sublease of 10,752 square feet at 31 West 52nd Street, and acquired over 14,000 additional square feet from Clifford Chance, which has reportedly laid off more than 200 employees this year. That brings Kilpatrick’s total lease to 25,000—essentially a full floor in the 30-story Plaza District tower, owned by Paramount Group, between Fifth and Sixth avenues.
The building has 119,839 square feet of available space, according to CoStar. Asking rents are, as per usual in this heavily tenant-favoring market, negotiable.
“Kilpatrick Stockton has continued to grow organically through this difficult time in our economy,” said Andrew Kauss, a Kilpatrick Stockton partner, in a statement. “This sublease will give us the time we need to plan for a long term strategy.”
Studley managing director Ken Ruderman negotiated on behalf of Kilpatrick.