Hines hunting for new anchor tenant at 7 Bryant Park

Law firm Reed Smith no longer in the running for 160,000-square-foot space

TRD New York /
Apr.April 30, 2014 01:41 PM

Law firm Reed Smith, which was in advanced discussions to take 30 percent of Hines’ under-construction office tower at 7 Bryant Park, is no longer in the running for the space, The Real Deal has learned. Hines is shopping for a new anchor tenant to occupy the 160,000-square-foot space at the base of the tower, a source familiar with the developer said.

Reed Smith was eyeing a move to the 30-story, 471,000-square-foot building between West 39th and West 40th streets from its current Midtown East digs at 599 Lexington Avenue. But the source said that the law firm, which is a big player in the energy and natural resources industries, may now renew at 599 Lexington or look elsewhere.

“The timing of the decision-making didn’t work out,” said CBRE’s Mary Ann Tighe, who handles leasing at the building. “What we didn’t want is to hold the space off the market”, she said, noting that the tower tops out in June.

Hines is developing 7 Bryant Park in partnership with investment firm Pacolet Milliken Enterprises and JPMorgan Asset Management. Asking rents for the 160,000-square-foot space that Reed Smith was eyeing are in the high-$90s per square foot, a source familiar with the building said. The landlord is asking a whopping $200 per square foot for space at the top of tower.

JLL, which is managing the search for Reed Smith’s new space, didn’t respond to a request for comment by press time. Hines declined to comment, while representatives for Reed Smith couldn’t be reached. The building is slated for completion in 2015.

Bryant Park has become a viable office location for top-tier firms that were once firmly ensconced in Midtown East. Big tenants in the neighborhood include MetLife at 1095 Sixth Avenue and Bank of America at 1 Bryant Park.


Related Articles

arrow_forward_ios
Jeff Bezos (Getty)

Here are the landlords benefiting from Amazon’s tech workforce expansion

Here are the landlords benefiting from Amazon’s tech workforce expansion
Gerald Hines

Gerald Hines, developer who changed Houston’s skyline, dies at 95

Gerald Hines, developer who changed Houston’s skyline, dies at 95
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
arrow_forward_ios

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

Loading...