The Real Deal New York

Law firm renews 400K sf spread in the GM Building

Long-time tenant Weil, Gotshal & Manges to stick with top 10 floors in iconic office tower

September 30, 2014 02:20PM

767 Fifth Avenue

767 Fifth Avenue

International law firm Weil, Gotshal & Manges inked a 15-year extension on its 400,000-square-foot lease in the General Motors Building.

The spread at Boston Properties’ 767 Fifth Avenue occupies floors 23 to 32 as well as space on the sixth. The extension of the lease is to begin in 2019. “The General Motors Building has been our home since the building opened in 1968,” Barry Wolf, a Weil executive partner, said in a release. “The building has been part of our identity, growth and success over the years. We were among the first major law firms to locate in this part of town.”

Wolf declined to disclose the details of the transaction with Crain’s, but market sources told the news site that asking rates could be as high as $125 to $150 per square foot — placing the lease among the priciest in recent years.

CBRE’s Lewis Miller, Robert Flippin, Robert Alexander, Greg Maurer-Hollaender and Ryan Alexander, along with Weiil real estate partners Michael Bond, Philip Rosen and Caryn Stafford. The building’s ownership was also represented by a team from CBRE.

The families of Chinese real estate developer Zhang Xin and Brazilian banking magnate Moise Safra paid $1.4 billion for a 40 percent stake in the building last summer, while Boston Properties retains a 60 percent stake. [Crain’s]Julie Strickland

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