Fisher Brothers scores nation’s largest office lease of 2023
Law firm Paul Weiss taking 765K sf at 1345 Sixth Avenue
Fisher Brothers closed out a challenging year for office landlords with a bang, signing a law firm to an office lease that was the year’s largest not just in Manhattan, but in the entire country.
Paul, Weiss, Rifkind, Wharton & Garrison signed a 20-year lease for 765,000 square feet at 1345 Sixth Avenue, the Commercial Observer reported. Paul Weiss will occupy 18 floors of the repositioned office building, where annual rents range from the high $80s to $135 per square foot.
It’s not immediately clear when the law firm will decamp from its 550,000 square feet at 1285 Sixth Avenue, Scott Rechler’s RXR’s property across from Rockefeller Center.
Fisher Brothers was represented in-house by a team including Marc Packman and Clark Briffel, as well as a handful of brokers from CBRE. A Newmark team including Moshe Sukenik and Chris Mongeluzo represented the tenant.
In a statement, Fisher Brothers partner Ken Fisher said the lease showed the importance of “modern amenities, public art, meeting spaces and state-of-the-art infrastructure” for today’s Class A office tenants.
Fisher recently poured $120 million into the property for capital improvements, updating the exterior and adding an amenity floor and a public art installation.This year, law firm Greenspoon Marder signed an eight-year deal to sublease 41,000 square feet from CBS Broadcasting at the 50-story tower.
A tenant and subtenant at 1345 Sixth Avenue both recently signed deals to move elsewhere. This month, financial advisory firm Solomon Partners signed a deal for 70,000 square feet at Mitsui Fudosan America’s 1251 Sixth Avenue, leaving a 42,000-square-foot sublease at 1345 Sixth. Also this fall, Spanish bank BBVA took 74,000 square feet at Brookfield Properties’ Two Manhattan West, ditching 42,000 square feet at the Fisher Brothers property.
— Holden Walter-Warner