The Textile Building has added its first tenant since undergoing $350 million in alterations.
Law firm Quinn Emanuel Urquhart & Sullivan is leasing 132,000 square feet at the Midtown South property, the New York Post reported. The litigation firm is relocating to 295 Fifth Avenue from 51 Madison Avenue.
Owners Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners embarked renovation of the 700,000-square-foot building in 2019. The remodel added a ground-floor courtyard, several terraces, hospitality amenities and a two-story penthouse.
Asking rents at the building run from $95 per square foot at the bottom to $135 per square foot for the penthouse; Quinn Emanuel’s three floors are smack in the middle. CBRE’s Mary Ann Tighe and David Hollander were among those representing the landlord. CBRE’s Lewis Miller and Cara Chayet were part of the team representing the tenant.
TIG and its partners acquired the 99-year leasehold on the 17-story building for $375 million in 2019.
Manhattan office leasing activity in the third quarter surged by 26 percent from the previous period, according to a report by Colliers, with more than a fifth of the jump in activity due to just two leases.
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A jump in Manhattan office leasing? The numbers deceive
Activity jumped 43 percent in Midtown South, but availability rose to 18.6 percent, an all-time high for the district. The overall vacancy rate in Manhattan was 19.4 percent, also a record high.
The rise of office vacancies in Midtown South can be attributed in part to construction projects coming online. Projects at 360 Bowery and 375 Hudson are among those recently finishing up, adding to a rash of properties with empty corridors.
— Holden Walter-Warner