The world is falling to pieces. Snap them up while you can.
Tarter Krinsky & Drogin, one of the few law firms expanding in the recession, has just signed a 13-year expansion and renewal for 26,800 square feet at W&H’s 1350 Broadway.
“We’re in a unique position,” said Alan Tarter, managing partner at the full-service firm. “We have been the beneficiary of attracting talent from larger firms.” And business.
“Basically, we don’t have the overhead structure that a larger firm has,” Mr. Tarter said. “Our rate structure is significantly more competitive than a larger firm.”
Since September, Tarter Krinsky has hired eight attorneys, bringing its total to 33. About two years ago, it leased the entire 16,500-square-foot 11th floor. With this transaction, the firm both extended that lease an additional seven years, and signed a new, 13-year lease for 10,300 square feet on the 12th floor (with the option to expand to the entire floor).
The square footage will allow the firm to grow to 50 attorneys over the next few years.
The asking rent was $50 a square foot for the space, which landlord W&H is building out for the tenant. Given the surfeit of office space in the market, the taking rent was probably a good $10 lower.
CB Richard Ellis’ Paul Amrich and Fernando Urrutia represented the firm in negotiations with Newmark Knight Frank’s Jonathan Fanuzzi, who represented the landlord.
Meanwhile, farther uptown at Brookfield Properties’ Grace Building at 1114 Avenue of the Americas, debt restructuring specialist Zolfo Cooper has signed a new 14-year, 26,000-square-foot lease on the 41st floor. Zolfo will relocate from about 17,000 square feet at Edward J. Minskoff Equities’ 1166 Avenue of the Americas.
“They’re a consulting firm that does a lot of debt restructuring,” said Mr. Amrich, who also represented Zolfo. “So, obviously, in this environment, they’re very busy.”
The asking rent was about $85 a square foot for the space, which Brookfield is building out. The taking rent was likely much lower. Patrice Hayden and Mr. Urrutia worked with Mr. Amrich in representing Zolfo in negotiations with Brookfield’s David Cheikin.