{"id":1004034056,"date":"2011-11-09T01:07:33","date_gmt":"2011-11-09T09:07:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034056"},"modified":"2022-12-08T18:42:57","modified_gmt":"2022-12-09T02:42:57","slug":"106-ksf-office-lease-signed-at-nycs-452-fifth-ave","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\/","title":{"rendered":"106 KSF Office Lease Signed at NYC\u2019s 452 Fifth Ave."},"content":{"rendered":"

November 9, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

While some may say the rate of office-lease signings in Midtown Manhattan has slowed, there\u2019s always a big deal waiting around the corner. This week\u2019s big deal comes courtesy of a 105,803-square-foot lease inked by law firm Baker & McKenzie for a 15-year term at 452 Fifth Ave., occupying seven floors of the trophy tower owned by IDB Group. <\/p>\n

\u201cBaker & McKenzie is one of the largest and most respected law firms in the world,\u201d said Ehud Elizur, president of PBC-KOOR USA, L.L.C., which is a part of IDB. \u201cWe are thrilled to welcome them to the building. This lease, along with the two large commitments we had last month is further confirmation that 452 Fifth Avenue\u2019s strategic location overlooking Bryant Park, panoramic views and superior amenities continues to attract world-class tenants.\u201d<\/p>\n

CBRE Group Inc. represented the building\u2019s ownership in lease negotiations. Studley represented Baker. <\/p>\n

The law firm will occupy floors 15 through 20, as well as part of floor 14, in the 865,121-square-foot, 30-story building, making it the second-largest tenant by floor space. <\/p>\n

A report by Colliers International showed that asking rents in Midtown increased sharply in the third quarter of 2011, driving the average to $65.45 per square foot, up from $62.91 in the previous quarter. \u201cThe New York City economy continued to outperform the nation,\u201d the report stated, \u201cbut the pace of growth here did slow during Q3, with the city finally feeling the impact of the national economic malaise.\u201d<\/p>\n

Jones Lang LaSalle came up with similar findings, noting that Midtown posted its second consecutive quarter of falling vacancy rates in 3Q11, dropping to 11.2 percent \u2013 a 0.3 percent decrease from the midyear measure. <\/p>\n","protected":false},"excerpt":{"rendered":"

Law firm Baker & McKenzie has inked a 15-year deal at 452 Fifth Ave., occupying seven floors of the trophy tower owned by IDB Group, for 105,803 square feet of space. <\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,10,21747],"tags":[],"class_list":["post-1004034056","post","type-post","status-publish","format-standard","hentry","category-brokerage","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\n106 KSF Office Lease Signed at NYC\u2019s 452 Fifth Ave. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"106 KSF Office Lease Signed at NYC\u2019s 452 Fifth Ave.\" \/>\n<meta property=\"og:description\" content=\"Law firm Baker & McKenzie has inked a 15-year deal at 452 Fifth Ave., occupying seven floors of the trophy tower owned by IDB Group, for 105,803 square feet of space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-09T09:07:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:42:57+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"106 KSF Office Lease Signed at NYC\u2019s 452 Fifth Ave.\",\"datePublished\":\"2011-11-09T09:07:33+00:00\",\"dateModified\":\"2022-12-09T02:42:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/\"},\"wordCount\":288,\"commentCount\":0,\"articleSection\":[\"Brokerage\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/106-ksf-office-lease-signed-at-nycs-452-fifth-ave\\\/\",\"name\":\"106 KSF Office Lease Signed at NYC\u2019s 452 Fifth Ave. - 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