Law Firm Grows Manhattan HQ to 179 KSF

July 7, 2026

Office Brokerage New York News More Northeast

The tenant also extended their agreement for another 16 years.

Exterior shot of 345 Park Ave., a 1.9 million-square-foot office building in Manhattan's Plaza District. — The office tower rises 44 stories in Manhattan’s Plaza District.
*Image courtesy of Yardi Matrix*

Law firm Loeb & Loeb has expanded its Manhattan footprint to 178,959 square feet. The agreement includes both a 18,908-square-foot expansion and a 16-year lease extension at 345 Park Ave. Owner Rudin had in-house representation, while CBRE worked on behalf of the tenant.

Loeb & Loeb’s initial, 160,051-square-foot lease occupies floors 18th to 21st, and the expansion will take up a portion of the 13th floor. The firm intends to occupy the new space in the first quarter of 2027.

Developed by Rudin in 1969 and most recently renovated in 2005, the 1.9 million-square-foot office tower features 70,000-square-foot floorplates across 44 stories. The ownership currently plans a 45,000-square-foot amenity space slated to include a tenant-exclusive lounge, as well as a fitness and wellness center. The new amenities are expected to open early next year.

The high-rise’s roster includes Blackstone, which leases more than 1 million square feet, according to Yardi Matrix information. Tenants also include NFL and Bristol Myers Squibb.

Centerbridge Partners also signed a 75,826-square-foot headquarters lease at the property in May and will occupy the tower’s entire 22nd and 23rd floors for the next 15 years. The company will relocate from 375 Park Ave. in the second quarter of 2027.

Rudin Senior Vice President of Office Leasing Robert Steinman represented the owner in the Loeb & Loeb deal. CBRE Vice Chairmen Lewis Miller, Ken Rapp and Michael Wellen, together with Senior Associate Alex Kucera, worked on behalf of the tenant.

Manhattan’s vacancy rate reclaims first place nationwide

As of May, Manhattan’s average office listing rates climbed 1.8 percent year-over-year to $69.29 per square foot, according to a recent Yardi Matrix report, surpassing by a distance any other metro in the U.S. and amounting to more than double the national figure of $33.61.

Meanwhile, the borough’s average vacancy rate dropped to 13.1 percent, down 260 basis points on a trailing 12-month basis. After ranking second to Miami for several months, Manhattan once again became the nation’s strongest office market for occupancy.

One of the larger office leases to recently close in the borough also involved a law firm. Alston & Bird signed a 170,000-square-foot agreement at Harbor Group International’s 51 W. 52nd St. in Midtown, expanding its footprint by more than 30 percent.