The Real Deal New York

DLA Piper renews 200K sf at 1251 Sixth Avenue

Law firm consolidating to contiguous levels at 2.4M sf Midtown office tower

January 12, 2016 03:30PM

1251 Sixth Avenue

From left: Roger Meltzer and 1251 Sixth Avenue in Midtown

Law firm DLA Piper will remain at Mitsui Fudosan’s 1251 Sixth Avenue after renewing its 200,000 square feet of space at the Midtown office tower.

The legal firm will shift some of its floors at the 53-story, 2.4 million-square-foot building as part of the deal, in order to be on contiguous levels. While DLA Piper has occupied floors 26 to 28 as well as floors 36, 38 and 41 at the property, the renewal will see it consolidate to floors 24 to 28.

The reshuffle will allow the firm to improve connectivity between its floors at 1251 Sixth Avenue via internal stairways, according to Crain’s. The length of the lease renewal is unclear.

While Mitsui Fudosan does not publicly disclose asking rents at the officer tower, Crain’s reports that they have risen above $100 per square foot – with the Tokyo-based real estate investment firm seeking around $110 per square foot for the building’s two vacant top floors.

Japanese holding company Itochu signed on for 46,000 square feet taking up the entire 51st floor at the property last summer, with the asking rent at $105 per square foot. [Crain’s]Rey Mashayekhi