Law Firm Inks 170 KSF Lease at Manhattan Trophy Tower
Harbor Group International landed the 15-year agreement at this iconic property.
Harbor Group International has signed a 15-year lease with international law firm Alston & Bird for nearly 170,000 square feet across seven floors at 51 W. 52nd St. in Midtown Manhattan.
The firm, which is marking the 25th anniversary of its New York office, is expanding its space by more than 30 percent. Alston & Bird is expected to relocate from its offices at 90 Park Ave., where it leases approximately 122,500 square feet, in 2028. It will occupy floors nine through 15 once it moves in.
Newmark arranged the deal and represented HGI in the negotiations.
The 38-story, 900,000-square-foot Class A trophy tower, is now fully leased and is the culmination of a $128 million repositioning by HGI following its acquisition of the building nearly five years ago. The asset is dubbed 51W52 by its owner.
The real estate investment manager purchased the dark granite tower, known as Black Rock, from CBS in October 2021 for $760 million, according to Yardi Matrix data. At the time, HGI secured a $420 million CMBS loan from Wells Fargo that Goldman Sachs originated, the same source shows. That loan was set to mature in October 2025.
Previously known as the CBS Building, the skyscraper was built in 1963 and once served as the headquarters for CBS. Following its acquisition, HGI invested $128 million to modernize the building’s infrastructure, amenity offerings and common areas while preserving its architectural heritage. The landmark building is the only skyscraper ever designed by renowned Finnish-American architect Eero Saarinen.
Repositioning boosts leasing
HGI worked with MdeAS Architects and Vocon to complete the repositioning that began in late 2023 and was completed in 2024. The building’s two lobbies were renovated. Upgrades also included new elevators, a conference and events room, a cellar-level amenity suite with tenant lounge areas, a fitness center, a yoga studio, a rooftop garden and a coffee bar, along with locker rooms with showers.
The renovations also included updating bronze fin walls and curating the lobby and lounge areas with original Saarinen and Florence Knoll furniture to preserve original design features.
Floor plates at the LEED Gold-certified building range from 20,600 to 24,252 square feet.
Between its 2021 acquisition and April 2024, when it announced the completion of the renovations, HGI signed 350,000 square feet of new leases and renewals. That number had jumped to 500,000 square feet by late June 2024. In fall 2023, HGI relocated its New York City headquarters to the 19th floor.
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Tenants include law firms Orrick, Herrington & Sutcliffe and Wachtell, Lipton, Rosen & Katz, along with Kroll Bond Rating Agency, which will move its global headquarters to the tower in the fall.
Located between Fifth and Sixth Avenues, the tower is close to Grand Central Terminal and numerous subway lines. The property is steps from Rockefeller Center, MoMA and Central Park. It is 10 miles from LaGuardia Airport and about 20 miles from John F. Kennedy International Airport.
Newmark Executive Vice Chairman Howard Hersch, Vice Chairmen Greg Conen and Scott Klau, Executive Managing Director Erik Harris and Managing Directors Jennifer Schreiber and Zach Weil serve as the exclusive leasing agents for the property.
Alston & Bird was represented by a Savills team of Vice Chairman Brad Wolk, Vice Chairman and Director Matthew Barlow, Tri-State President David Goldstein, Chairman Joseph Learner, Senior Managing Director Matthew Brainard and Executive Vice President Laura Whelan.
Legal eagles on the move
The expansion plans by Alston & Bird and McDermott are in line with broader legal sector leasing trends. Law firms are increasingly seeking long-term leases in high-quality spaces for branding purposes, recruiting and retaining talent and building culture, according to a Cushman & Wakefield report.
Earlier this month, McDermott Will & Schulte signed a 150,000-square-foot lease for floors 31 through 37 of BXP’s 343 Madison Ave., a 46-story, 930,000-square-foot office tower under construction in Midtown Manhattan at the corner of East 44th Street. The law firm expects to move into the new space in October 2029, when the skyscraper is slated for completion.
The firm, which formed last summer following a merger of McDermott Will & Emery with Schulte Roth & Zabel, is also expanding its lease at the adjacent 73-story One Vanderbilt tower. The organization already leases approximately 200,000 square feet and will add another floor at the skyscraper, constructing new offices across existing space by June 2027.
McDermott will operate its offices at the two buildings as a single, integrated campus that will be linked through Grand Central Terminal.
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