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New York

Milbank to take 250K sf at Related’s 55 Hudson Yards

Global law firm will leave its office at 28 Liberty Street

55 Hudson Yards (inset: Millbank, Tweed, Hadley & McCoy Chairman Scott Edelman) (credit: Related Companies)
55 Hudson Yards (inset: Millbank, Tweed, Hadley & McCoy Chairman Scott Edelman) (credit: Related Companies)

White-shoe law firm Milbank, Tweed, Hadley & McCloy signed a letter of intent to lease about a fifth of the Related Companies and Oxford Property Groups’ 55 Hudson Yards.

Milbank agreed to take 250,000 square feet, nine floors of the planned 1.3-million-square-foot West Side office tower. A final deal will be inked by the end of the summer, according to a press release from the developers.

The lease would be the largest signed at 55 Hudson Yards to date.

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The global legal firm will leave a similarly-sized space at Fosun International’s 28 Liberty Street in the Financial District, formerly known as One Chase Central Plaza. Its lease at 28 Liberty runs through 2019, according to CoStar.

Cushman & Wakefield’s Dale Schlather represented Milbank in the negotiations. Robert Alexander and Howard Fiddle of CBRE worked with Related’s Stephen Winter on behalf of the landlords.

Last year, another major law firm, Boies, Schiller & Flexner agreed to take 83,000 square feet at the building, which is set to be completed in 2018.

In January, Related closed on the $152 million acquisition of a Far West Side site that held a McDonald’s, a deal that will allow it to build a 62-story tower at 50 Hudson Yards. [CO] – Ariel Stulberg