Ronald H. Shechtman, managing partner at Pryor Cashman, tellsGlobeSt.com his firm had "looked at multiple spaces and submittedmultiple lease proposals" in the course of two years, and alsoconsidered renewing in place. "At the same time, we wanted to beready should a unique opportunity arise." That opportunity arosewhen San Francisco-based firm Heller Ehrman--which closed its doorsin September--left its New York offices in virtually move-incondition.

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Shechtman credits CB Richard Ellis, which represented both PryorCashman and landlord Boston Properties, with "truly educating usabout the market and helping us reach consensus." As a result, thedeal came together in less than a month.

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In a CBRE release, EVP Mark Ravesloot notes that Pryor Cashmanis consolidating from its current space, "spread across threeolder, interconnected buildings." Those interconnected buildingsare 400 and 410 Park Ave., which are joined, as well as in HerronTower at 70 E. 55th St. Pryor Cashman has been at 410 Park since1971.

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The new space is approximately 10,000 square feet larger,allowing for future growth. Pryor Cashman had record profits in2007 and is on track to do the same this year, according to arelease from the law firm. Currently it employs more than 130attorneys and 90-plus support staff.

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Pryor Cashman will occupy all of floors 39 through 41, withadditional space at the base of the 48-story building, also knownas Times Square Tower. According to published reports, a 15% dropin asking rent to $85 per square foot helped propel the deal.Shechtman declines to comment on that figure, but tellsGlobeSt.com, "New York shares the volatility of other markets."

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Along with Ravesloot, the CBRE team representing Pryor Cashmanincluded vice chairman Lewis Miller, SVP Jason Gorman and VP MikeWellen. Boston Properties was represented by the CBRE team ofchairman John Powers, EVP Peter Turchin and senior financialanalyst Christie Harle.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.