The rolling-thunder procession of late-in-the-year commercial leases that we predicted a few weeks ago, is under way in earnest.
In the largest Midtown South location of 2023, global litigation firm Quinn Emanuel & Sullivan signed for 132,000 square feet at 295 Fifth Ave.
The law firm will move from 51 Madison Ave. where it had roughly the same amount of space.
Known as the Textile Building for its one-time apparel-making role, 295 Fifth Ave. fills the entire east blockfront between West 30th and 31st streets.
Owners Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners spent $350 million to redevelop the century-old, 700,000 square-foot property for 21st Century use. Quinn Emanuel is the first tenant to sign up since the repositioning.
The remake overseen by Studios Architecture includes a new, two-story penthouse, a first floor courtyard, several terraces and hospitality-focused amenities.
Realty Check reported earlier that asking rents would run from $95 a square foot at the base to $135 psf in the penthouse.
The law firm will have floors 8-10 in what’s now a 19-story building.
TIG principal Elliott Ingerman called 295 Fifth “a special asset “positioned for long-term success.” Quinn Emanuel New York managing partners Andrew Rossman and Jennifer Barrett termed it in a statement “a stunning redevelopment of a historic building in the flourishing Nomad nabe that has long been our professional home.”
The firm has over 300 lawyers in the city.
Mary Ann Tighe, part of the landlords’ CBRE leasing team, said the deal “affirms a larger trend in Midtown South. As technology firms dialed back their leasing, the gap’s being filled by traditional industries that realize upgraded buildings bolster their initiatives to attract and retain talent.”
CBRE’s Lewis Miller, Greg Maurer-Hollaender and Cara Chayet repped the tenant. The CBRE landlord team included Tighe, David Hollander and Peter Turchin.
The deal comes only days since we reported that Spanish financial firm BBVA took 75,000 square feet at Two Manhattan West, nearly doubling its previous presence on Sixth Avenue.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
