The law firm's new space will comprise nine floors, with an option for additional floors in the future, according to a release. Published reports say the sublease entails substantial concessions by landlord CBS, including the absorption of Orrick's build-out costs and reduction of its rent. A spokesman for Jones Lang LaSalle, which represents CBS, did not respond to requests for comment by deadline.
In a release, Orrick's New York office leader, Peter Bicks, says the relocation from its current space at the Kushner Cos.' 666 Fifth Ave. "was not a quick decision. We evaluated the current and future needs of our firm and its clients, and we carefully assessed the current real estate market conditions before committing to the lease." The firm was advised in the transaction by Newmark Knight Frank, which declined to comment. Currently, Orrick has 200 attorneys in its New York office.
The New York Observer reported that Orrick will be moving into space being given back by UBS, which reportedly paid CBS $32 million to terminate its lease, and by Cushman & Wakefield, a Black Rock tenant that also represents the ownership of 666 Fifth. C&W did not respond to calls for comment by deadline.
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