More law firm leases are stirring at Silverstein Property's Downtown 120 Broadway building. The law firm of Kaufman Borgeest & Ryan LLP takes 48,161 sf at the building, known as the Equitable Building.
The lease was for the entire 14th floor of the building. Howard Greenberg, president of Howard Properties Ltd., was the exclusive tenant representative for Kaufman Borgeest & Ryan, in partnership with Barry Lewen and Lewis Cowan of Grubb & Ellis. This was the 13th lease transaction in which Greenberg had represented the law firm since 2000, totaling more than 126,000 sf of space.
Cowan tells GlobeSt.com that the lease term is 15 years. He notes that in terms of economics, it was a competitive market deal, but he could not provide an aggregate lease value at this time. He did confirm however, that asking rent is around $45 at the property.
Cowan also explains that the reason for the move was a value play. "They could get much more for their dollar within the framework of the transaction." Kaufman Borgeest & Ryan was approaching the expiration of a lease for 26,000 sf in Midtown at 99 Park Ave.
