Downtown law firm in market for one of city’s largest leases

New York /
Jun.June 18, 2010 03:15 PM

John Cushman

The international law firm Milbank, Tweed, Hadley & McCloy headquartered at 1 Chase Manhattan Plaza in the Financial District is in the market for about 350,000 square feet, sources said.

The firm, which occupies about 300,000 square feet in the building, tapped Cushman & Wakefield this month to represent it in a hunt for new space or a renewal, sources said.

The requirement is one of the largest in the city currently. There are about a half-dozen companies looking for more than 300,000 square feet, one industry source said, including accounting firm Deloitte.

Milbank, Tweed, is the second largest tenant in the 2.2-million-square-foot tower, after the owner JPMorgan Chase, according to data from CoStar Group. The lease expires in June 2013.

Data from CoStar show that the relationship between the brokerage and Milbank, Tweed extends at least as far back as 1998, when company co-chairman John Cushman brokered the lease that put Milbank in 1 Chase Manhattan Plaza. He is a lead broker on the current assignment, a source said.

Milbank, Tweed, which has additional offices in the United States, Europe and Asia, also represented the commercial brokerage when the Italian firm Ifil Investments, now known as Exor, bought a controlling interest in Cushman & Wakefield for $563 million in 2006.

Milbank, Tweed did not respond to requests for comment. A spokesperson for Cushman & Wakefield declined to comment and John Cushman was not immediately available.

 

Related Articles

arrow_forward_ios
More contracts signed in the city for more expensive homes (iStock)
Manhattan condo signings jump 65% in November, led by priciest homes
Manhattan condo signings jump 65% in November, led by priciest homes
Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Top October loans: Cash cows, big buys, foreclosure avoidance
Top October loans: Cash cows, big buys, foreclosure avoidance
Top October loans: Cash cows, big buys, foreclosure avoidance
Jill, Harry Karman sue Upper East Side neighbor over unfinished renovation
Jill, Harry Karman sue Upper East Side neighbor over unfinished renovation
Jill, Harry Karman sue Upper East Side neighbor over unfinished renovation
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
\665 Fifth Avenue in Manhattan and Rolex CEO Jean-Frederic Dufour (Getty, David Chipperfield Architects)
Building time: Rolex files for 199K sf Midtown building
Building time: Rolex files for 199K sf Midtown building
Village theater back on market after failed deal; 3 more warehouses sell
Village theater back on market after failed deal; 3 more warehouses sell
Village theater back on market after failed deal; 3 more warehouses sell
200 Amsterdam
5 Manhattan homes that can host a holiday party for the ages
5 Manhattan homes that can host a holiday party for the ages
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...