NEW YORK CITY—The law firm of Troutman Sanders, which has a sizable real estate practice here, is relocating to Eastgate Realty’s 875 Third Ave., where it will take more than 87,000 square feet, according to the Real Deal. The firm will take floors 15 through 17 in a 15-year deal at the 29-story tower, located between East 52nd and East 53rd streets. It will pay rents starting in the $50s per square foot, according to a source familiar with the deal.
The firm is moving from the Chrysler Building, at 405 Lexington Ave., where it occupies over 140,000 square feet, according to industry data. Troutman Sanders has worked on megadeals such as the Bank of China’s $600 million loan to Joseph Chetrit for 550 Madison Ave. A Troutman spokesman confirmed the deal to GlobeSt.com.
The landlord was represented by JLL’s Paul Glickman, Diana Biasotti and Harley Dalton, while CBRE’s Lewis Miller and Kenneth Rapp represented Troutman Sanders. A spokesman for JLL did not have enough information to comment on the deal. CBRE declined to comment.
In January, Eastgate spent nearly $100 million to acquire the remaining stake in 875 Third Ave. from Miller Global Properties. The building’s major tenants include law firm Hogan Lovells and private equity firm Cerberus Capital Management. Troutman Sanders will take over space occupied by consulting company Towers.