Weak market allows law firm to rent space

Law
firm Pryor Cashman just signed a 14-year lease for 100,000 square feet
at 7 Times Square, but wouldn’t have done it if it wasn’t for the
weakening market. Asking rents in the building are currently between
$85 and $90 per square foot. The firm said it wouldn’t have paid the
$100-per-square-foot rent the building was asking for a few months ago.
The law firm is leaving its home of 37 years at 410 Park Avenue, at East 55th Street, for the new Times Square space, which is about 10,000
square feet larger.

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