Big law firm lease falls through at Tishman Speyer’s 630 Fifth

Allen & Overy is staying put, extending its 143K+ sf lease at Rockefeller Group’s 1221 Sixth

TRD New York /
May.May 11, 2020 05:00 PM
From left: Rockefeller Group CEO with 1221 6th Avenue and Tishman Speyer CEO Rob Speyer with 630 Fifth Avenue (Credit: Google Maps; Rockefeller; Drew Angerer/Getty Images)

From left: Rockefeller Group CEO with 1221 6th Avenue and Tishman Speyer CEO Rob Speyer with 630 Fifth Avenue (Credit: Google Maps; Rockefeller; Drew Angerer/Getty Images)

Allen & Overy was getting ready to move its offices when Covid-19 made the law firm hit pause.

The law firm, which is headquartered in London, was close to signing a lease at Tishman Speyer’s 630 Fifth Avenue before the coronavirus pandemic hit New York City, according to sources. Instead, Allen & Overy negotiated a five-year lease extension to its current 143,331-square-foot space at Rockefeller Group’s 1221 Sixth Avenue.

JLL’s Frank Doyle, Ken Siegel and Cynthia Wasserberger represented the law firm, while a team lead by Cushman & Wakefield’s Rob Lowe represented the Rockefeller Group along with Ed Guiltinan in-house. The companies declined or did not respond to requests for comment. Tishman didn’t respond to a request for comment.

In 2015, Rockefeller Group completed a $30 million capital improvement program at 1221 Sixth Avenue, also known as the McGraw-Hill Building. Upgrades to the 1.65 million-square-foot office tower include a new lobby, elevator cabs, a destination dispatch elevator system and renovated outdoor plazas. Other tenants include law firms White & Case, Dentons and Mayer Brown, as well as Comcast and SiriusXM.

Tishman Speyer’s 630 Fifth — also known as 45 Rockefeller Plaza and the International Building — has availabilities on some of its upper floors. Family wealth advisor Bessemer Trust is moving from its Fifth Avenue office to Rockefeller Group’s 1271 Avenue of the Americas, formerly the Time and Life Building.

That space became the subject of Allen & Overy’s attention. But it would have required a lengthy interior construction process and that Bessemer move out on time. Just above Bessemer’s offices, a fully renovated — and pricier — duplex which boasts several outdoor terraces is also available.

The deal at Tishman Speyer’s 41-story office tower is just the latest to fall by the wayside as the pandemic gives investors and tenants pause.

One of the most notable cancelled deals in recent months was Jacob Chetrit’s $815 million buy of the Daily News building. Chetrit had to back out of the deal to buy the office tower from SL Green Realty when financing from Deutsche Bank fell through. He is now attempting to recover his deposit.

Brokerage giant Realogy Holdings is suing SIRVA for trying to back out of a $400 million deal to buy relocation firm Cartus. And Dajia, the company that now oversees Chinese firm Anbang’s investments, is suing South Korea’s Mirae Asset Global Investments for trying to back out of a $5.8 billion hotel acquisition.

Lois Weiss writes the real estate column “Between the Bricks ®.” 


Related Articles

arrow_forward_ios
Tishman Speyer CEO Rob Speyer, COO Paul Galiano, CIO Jenny Wong (Photos via Getty; iStock; Tishman Speyer)

Tishman Speyer jumps on the SPAC bandwagon

Tishman Speyer jumps on the SPAC bandwagon
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
1271 Sixth Avenue and AIG CEO Brian Duperreault (Google Maps)

AIG throws its weight behind Manhattan’s office market

AIG throws its weight behind Manhattan’s office market
The Wheeler at 181 Livingston Street with Tishman Speyer's Rob Speyer (Credit: The Wheeler, Getty Images)

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler
The Spiral and Debevoise presiding partner Michael W. Blair (Credit: Tishman Speyer)

Debevoise signs big lease at Tishman Speyer’s Spiral

Debevoise signs big lease at Tishman Speyer’s Spiral
Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Sam Chang lands $250M loan for Midtown hotel project
Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

Here were NYC’s largest real estate finance deals of 2019
50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

Katten law firm moving to Rockefeller Center
arrow_forward_ios

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

Loading...