The Real Deal New York

Brookfield scores major tenant for Manhattan West

Law firm Skadden, Arps, Slate, Meagher & Flom to take 500K sf spread

August 21, 2014 02:45PM

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Rendering of Brookfield Properties' Manhattan West

Rendering of Brookfield Properties’ Manhattan West

Law firm Skadden, Arps, Slate, Meagher & Flom has agreed to relocate its global headquarters to a 500,000-square-foot spread at Brookfield Office Properties’ $4.5 billion megaproject between Ninth and 10th avenues in the West 30s.

The legal giant will relocate to Manhattan West, where rents range from about $75 to $80 per square foot, following the expiration of its lease at 4 Times Square in 2020, sources told the New York Daily News, in a deal that will be one of the year’s biggest so far.

The developers of the World Trade Center towers and Hudson Yards have also been competing for large-scale office tenants like Skadden, and developer the Moinian Group is on the hunt for an anchor tenant for its 3 Hudson Boulevard Tower. Moinian must secure such a tenant before it can proceed with construction, according to the Daily News.

Skadden’s commitment to a new building came oddly early, sources told the Daily News, as the firm still has six years left on its current lease. Brookfield, some speculated, may buy Skadden out of its remaining Times Square lease when it is ready for the firm to move in.

Spokespersons for Skadden and Brookfield did not immediately return the Daily News’ requests for comment. [NYDN]Julie Strickland

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