Hogan Lovells shuns Hudson Yards, nears deal at transformed 390 Madison: report

Legal beagles negotiating for 200K sf at Midtown East tower

New York /
Sep.September 06, 2016 06:30 PM

After scoping out space in Hudson Yards last year, Hogan Lovells appears to be ready to pull the trigger on a new office on the other side of town.

The Washington, D.C.-based law firm is considering a lease for more than 200,000 square feet at 390 Madison Avenue, according to Crain’s.

The owners of the 900,000-square-foot tower, Clarion Partners TRData LogoTINY and the New York State Common Retirement Fund, selected L&L Holding Company to embark on an ambitious overhaul of the mid-century tower. L&L stripped it bare and redesigned the vacant 32-story building with a new, brighter facade, and has both removed and added floors to raise ceiling heights and increase sunlight.

Work is expected to finish in summer 2017. The timing works out well for Hogan Lovells, which has a 110,000-square-foot lease expiring at 875 Third Avenue next summer and was eyeing a space at Hudson Yards.

It’s not clear what Hogan Lovells would pay in rent at the Madison Avenue tower, but asking rents on the higher floors are over $100 per square foot, according to Crain’s.

The Real Deal reported in June that Cushman & Wakefield has been in talks to potentially anchor the building. The brokerage has numerous properties throughout Manhattan and is reportedly looking to consolidate its headquarters. [Crain’s]Chava Gourarie


Related Articles

arrow_forward_ios
L&L Holding Company’s David Berkey and Polsinelli’s Gabriel Dabiri along with 600 Third Avenue (Getty, L&L Holding Company, Polsinelli)
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
346 East 52nd Street (Google Maps, Yelp, Getty)
NYPD raids Koeppel’s Midtown building after brothel probe
NYPD raids Koeppel’s Midtown building after brothel probe
Who’s crazy enough to build office?
Who’s crazy enough to build office?
Who’s crazy enough to build office?
From left: Jean-Georges Vongerichten and L&L Holding Company chairman David Levinson in 425 Park Avenue (Getty Images, L&L Holding Company, 425ParkAve.com)
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
Columbia Property Trust's Nelson Mills and 114 Fifth Avenue (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, L&L Holding Company, Columbia Property Trust)
Capital One ups deposit at L&L’s 114 Fifth Avenue
Capital One ups deposit at L&L’s 114 Fifth Avenue
43 East 53rd Street with ZG Capital Partners’ James Tamborlane and Bobby Zar (Google Maps, LinkedIn)
Bobby Zar buys Midtown office building for 15% less than 2015 price
Bobby Zar buys Midtown office building for 15% less than 2015 price
415 Madison Avenue and Rudin Management’s Bill Rudin (SOM, Rudin Management)
Rudin moves ahead with office building at 415 Madison Avenue
Rudin moves ahead with office building at 415 Madison Avenue
Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
Hopson nabs $156M for Midtown tower, agrees to part ways with Silverback
Hopson nabs $156M for Midtown tower, agrees to part ways with Silverback
arrow_forward_ios

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

Loading...