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NEW YORK CITY-Law firm Crowell & Moring LLP has leased approximately 100,000 sf at 590 Madison Ave., an office tower between 56th and 57th streets here. Crowell & Moring, which is headquartered in Washington, DC, will relocate and expand its New York City location from 153 E. 53rd St., where the firm currently occupies approximately 60,000 sf.

Cushman & Wakefield represented Crowell & Moring in its space evaluation and lease negotiation. The team was led by executive vice presidents Jonathan Serko, Mitchell Barnett and Mark Minich, and director David Malawer. The ownership, Edward J. Minskoff Equities Inc., was represented in-house by EVP Jeffrey Sussman.

According to Serko, a relocation to 590 Madison Ave. offers the law firm several benefits over comparable alternatives. The building is centrally located, modern and highly efficient, Serko explains. It also immediately accommodates the firm’s expansion requirements while allowing the flexibility for future growth.

“For Crowell & Moring, 590 Madison was the most practical and economical option,” Serko says. “As corporate tenants move further west to Sixth and Seventh avenues and beyond, Madison Avenue offers a central location in close proximity to clients in a wide range of industries. In addition, the space is already built and furnished, which reduces the typical expenses associated with expansions and relocations.”

Built in 1981 for IBM Corp., 590 Madison Ave. is a 43-story office tower totaling more than one million sf. In addition to Crowell & Moring, major tenants in the building include primarily law and financial services firms. As of December, asking rent for the 31st floor was $135 per sf and was $160 per sf for the 39th floor, according to the owner’s website.

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