1.3-million-sf

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[IMGCAP(2)]Paul, Weiss, Rifkind, Wharton & Garrison did notrespond GlobeSt.com queries before deadline. Sources from Vornadodid not deny rumors, however they did tell GlobeSt.com that"Vornado will not comment per company policy." The firm currentlyleases 400,000 sf at 1285 Avenue of the Americas, a lease thatreportedly expires in 2011.

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Law firm Weil, Gotshal & Manges LLP, who is confirming theirnew lease, will take space by the end of the summer. StephenDannhauser, chairman of Weil Gotshal, says that this is a bold newmove to help "meet the challenge of planning for future growth byrealizing new real estate efficiencies."

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MetroTech Center spans 10 blocks of Downtown Brooklyn betweenFlatbush Avenue and Jay Street and is located near many of theborough's cultural institutions, including Brooklyn's majorcommercial and civic center. Weil, Gotshal & Manges will takespace from Wellpoint in a long-term sublease arranged by GlennMarkman and John Cefaly of Cushman & Wakefield, who representedWellpoint, and Kirk A. Killian of Partners National, whorepresented Weil, Gotshal & Manges.

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Although Forest City Ratner Cos., who owns the property, did notrespond to GlobeSt.com queries by deadline, Cushman & Wakefieldsources tell GlobeSt.com that asking rent at the property was $34per sf. C&W would not, however, detail aggregate lease value,taking rent, lease term or further information. Weil, Gotshal &Manages also confirms the $34 per sf asking rent, but could notfurther detail taking rent or aggregate lease value.

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Philip Rosen, co-head of Weil's national real estate practice,who is spearheading the firm's move, tells GlobeSt.com that thefirm currently leases 500,000 sf at the GM building and is stayinguntil 2019 and "maybe beyond." He explains that expanding toBrooklyn instead of other state's "as some firm's have done" was a"means of taking advantage of the real estate efficiencies overthere [in Brooklyn]." He further explains that the choice to moveto 15 MetroTech confirms the firm's confidence in New York andconfirms its confidence in the Downtown Brooklyn renaissance. Rosenalso tells GlobeSt.com that the lease term there is until 2020.

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Brooklyn Borough president Marty Markowitz says in a preparedstatement that "Brooklyn is proud to add Weil Gotshal to theimpressive roster of home-grown and international businesses thathave chosen to headquarter in, or expand into, our borough. Thisesteemed global law firm's expansion to MetroTech helps diversifyBrooklyn's economic base and will, of course, only enhance DowntownBrooklyn's growing reputation as the epicenter of New York City'slegal community."

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Robert Catell, co-chairman, Downtown Brooklyn Partnership, andexecutive director and deputy chairman of National Grid says that"with nearly $10 billion in new investment in dozens of projectsnow underway, Downtown Brooklyn continues to grow as New YorkCity's third largest central business district. Attracting a bluechip law firm to the mix of tenants here sends a strong signal thatBrooklyn's economy is strong."

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Glenn Markman, an executive director at Cushman & Wakefield,says that Downtown Brooklyn's combination of demographics andeconomics has created the ultimate work environment. "Brooklyn hasbecome a must see, logical alternative to Manhattan for any companyconsidering new office space thanks to the efforts of the DowntownBrooklyn Partnership."

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As a new occupant at MetroTech, Weil Gotshal will be joiningtenants in Downtown Brooklyn including AIG, Goldman Sachs, JPMorganChase, Morgan Stanley, National Grid, WellPoint Inc., the New YorkCity Fire Department Headquarters, Polytechnic University, New YorkLife, HSBC, Bank of New York and, soon, New York University'sCollege of Engineering. Also nearby, are several other emergingcommercial and residential ventures including Pierrepont Plaza, theMarriott at the Brooklyn Bridge and Renaissance Plaza.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.