The Real Deal New York

Cooley LLP close to inking a lease at 55 Hudson Yards

Law firm leading Snapchat’s IPO plans to take several floors near top of 50-story tower
By Rich Bockmann | February 09, 2017 08:30AM

Rendering of 55 Hudson Yards and Related’s Stephen Winter (inset)

Cooley LLP, a top Silicon Valley law firm that’s leading Snapchat’s IPO, is the latest tenant bound for Hudson Yards.

The international firm is in late-stage talks to lease several floors near the top of the Related Companies’ 55 Hudson Yards, sources told The Real Deal.

Cooley will be relocating from Brookfield Office Properties and the Swig Company’s Grace Building overlooking Bryant Park at 1114 Sixth Avenue, where it currently occupies roughly 100,000 square feet.

A spokesperson for Related declined to comment, and a representative for Cooley could not be immediately reached.

The exact square footage wasn’t known, but if Cooley is eyeing a footprint similar to the one it occupies at Bryant Park, it would likely be taking three floors spanning roughly 85,000 square feet.

Asking rents in the 1.5 million-square-foot building range from $85 to $105 per square foot.

Related has a dozen floors available at the top of the 50-story tower above the space Downtown law firm Milbank, Tweed, Hadley & McCloy signed on for last year. Milbank signed a lease for 250,000 square feet on floors 30 through 38.

Other tenants in the building, which Related is co-developing with Mitsui Fudosan and Oxford Properties Group, include Intercept Pharmaceuticals, MarketAxess Holdings, Point72 Asset Management and the law firm Boies, Schiller & Flexner.

Cooley built a reputation as one of the tech industry’s go-to law firms during the dot-com boom.

As it sought to expand nationally and broaden its practice, the Palo Alto, California-based Cooley Godward merged with New York City’s Kronish Lieb Weiner & Hellman in 2006. It’s represented Facebook, Google, eBay, Twitter and others in various legal matters.

Cooley is also taking the lead on the photo-sharing app Snapchat’s planed $25 billion initial public offering. Snapchat’s parent company, Snap, filed a prospectus earlier this month.