{"id":1004135033,"date":"2016-01-19T06:36:41","date_gmt":"2016-01-19T14:36:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135033"},"modified":"2020-04-28T01:33:43","modified_gmt":"2020-04-28T09:33:43","slug":"dla-piper-extends-major-lease-at-manhattan-skyscraper","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dla-piper-extends-major-lease-at-manhattan-skyscraper\/","title":{"rendered":"DLA Piper Adds Space in Manhattan"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004135182\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dla-piper-extends-major-lease-at-manhattan-skyscraper\/1251-avenue-of-the-americas-new-york2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg\" data-orig-size=\"548,768\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1251-avenue-of-the-americas-new-york2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg?w=548\" class=\"alignright size-medium wp-image-1004135182\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg\" alt=\"1251-avenue-of-the-americas-new-york2\" width=\"214\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg 548w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york2.jpg?resize=214,300 214w\" sizes=\"auto, (max-width: 214px) 100vw, 214px\" \/><\/a>Legal powerhouse <a href=\"https:\/\/www.dlapiper.com\/en\/us\/\" target=\"_blank\" rel=\"nofollow\">DLA Piper LLP (US)<\/a> has signed a 15-year, 200,000-square-foot lease extension at 1251 Avenue of the Americas in Manhattan, also known as the Exxon Building, according to a recent\u00a0announcement by <a href=\"https:\/\/www.mitsuifudosan.co.jp\/english\/\" target=\"_blank\" rel=\"nofollow\">Mitsui Fudosan America Inc.<\/a>, the building\u2019s owner.<\/p>\n<p>The law firm has been a tenant there since 1996, starting with a lease of 60,000 square feet. The extension allows the firm to occupy five contiguous floors, incorporating floors 24 through 28, as well as the concourse, according to MFA.\u00a0The company currently occupies 196,000 square feet across six floors (26-28, 36, 38 and 41) in the 53-story office building between West 49th and West 50th Streets, according to Commercial Observer.<\/p>\n<p>DLA Piper was represented in the transaction by Moshe Sukenik and Brian Cohen of\u00a0<a href=\"https:\/\/www.ngkf.com\/\" target=\"_blank\" rel=\"nofollow\">Newmark Grubb Knight Frank<\/a>,\u00a0which also represented MFA.<\/p>\n<p>In its separate announcement, DLA Piper described the lease amendment as including \u201cre-stacking and significant modifications\u201d to the space, adding, \u201cThe firm will undertake phased renovations and new construction to be completed prior to the end of 2019.\u201d The New York office is DLA Piper\u2019s largest U.S. office.<\/p>\n<p>\u201cWe are pleased with the opportunity to remain at 1251 Avenue of the Americas \u2026 and are looking forward to building new, state-of-the-art law firm office space to support the firm\u2019s local and global operations, growth and development,\u201d said Heidi Levine, co-managing partner of DLA Piper\u2019s New York office.<\/p>\n<p>\u201cThe DLA Piper deal illustrates the special position that 1251 commands in the New York office marketplace, as well as the close relationship that we build with our tenants over many years,\u201d added\u00a0Christopher Perez, senior vice president of MFA.<\/p>\n<p>The 54-story, 2.4-million-square-foot building is currently 95 percent leased, according to MFA. Other tenants include McGraw Hill Financial, law firm Bernstein Litowitz Berger &amp; Grossmann and asset manager Sumitomo Mitsui Trust Group, the Commercial Observer reported.<\/p>\n<p>Just six months ago, the building bagged a sizable new tenant when Itochu International, Japan\u2019s second-largest general trading company, signed a 20-year lease for about 46,000 square feet on the 51st floor.<\/p>\n<p>Midtown office leasing seems to have had a rush of activity at the end of last year, per a new market snapshot from <a href=\"https:\/\/www.cbre.com\/\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a>. December leasing activity reportedly totaled 1.6 million square feet, or 21 percent above the five-year monthly average of 1.3 million. Leasing for the year totaled 17.8 million square feet, up 6 percent from\u00a02014.<\/p>\n<p>Availability fell 20 basis points over the previous month, but is nonetheless up 30 basis points from one year prior. Though annual net absorption was negative, it improved by 613,000 square feet in December. Finally, the average asking rent, per CBRE, rose $1.29 from the previous month and 7 percent from December 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global law firm signed a 15-year, 200,000-square-foot lease extension at 1251 Avenue of the Americas, with plans to build new office space across five floors.<\/p>\n","protected":false},"author":882,"featured_media":1004135183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,1600,21742,10,21747],"tags":[],"class_list":["post-1004135033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1251-avenue-of-the-americas-new-york21.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004135033"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135033\/revisions"}],"predecessor-version":[{"id":1004425999,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135033\/revisions\/1004425999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004135183"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004135033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004135033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004135033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}