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

Legal beagles negotiating for 200K sf at Midtown East tower

390 Madison Avenue and Robert Lapidus and David Levinson of L&L Holding
390 Madison Avenue and Robert Lapidus and David Levinson of L&L Holding

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 [TRDataCustom] 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.

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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