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NEW YORK CITY-More law firm leases are stirring at Silverstein Property’s Downtown 120 Broadway building. The law firm of Kaufman Borgeest & Ryan LLP takes 48,161 sf at the building, known as the Equitable Building.

The lease was for the entire 14th floor of the building. Howard Greenberg, president of Howard Properties Ltd., was the exclusive tenant representative for Kaufman Borgeest & Ryan, in partnership with Barry Lewen and Lewis Cowan of Grubb & Ellis. This was the 13th lease transaction in which Greenberg had represented the law firm since 2000, totaling more than 126,000 sf of space.

Cowan tells GlobeSt.com that the lease term is 15 years. He notes that in terms of economics, it was a competitive market deal, but he could not provide an aggregate lease value at this time. He did confirm however, that asking rent is around $45 at the property.

Cowan also explains that the reason for the move was a value play. “They could get much more for their dollar within the framework of the transaction.” Kaufman Borgeest & Ryan was approaching the expiration of a lease for 26,000 sf in Midtown at 99 Park Ave.

“This transaction shows how a tenant can successfully deal with the current strength of the Manhattan office market” explains Greenberg, adding that Kaufman Borgeest & Ryan required a significant expansion for its New York office. “Staying in Midtown would have meant almost doubling our client’s current rent. We reviewed a number of different submarkets in Manhattan, and the tenant settled on 120 Broadway as the best combination of quality and value. The ability to occupy a full floor in a well-located, high quality, landmark building with a top-rated landlord was very attractive to KBR.”

Cowan tells GlobeSt.com that the law firm will “have the opportunity to have the space custom built specifically to their requirements from a raw floor.” Cowan adds that although the building itself was built in 1919, the infrastructure is state of the art and is brand new.

Wayne Borgeest, a founding partner of Kaufman Borgeest & Ryan says in a prepared statement that “once again, Howard Greenberg has successfully represented our firm, and succeeded in negotiating an advantageous economic package for us in a very challenging real estate market. We continually look to Howard not only to secure the space that we need, but to help us to plan and strategize the best ways to manage our continued growth. He is always ahead of the curve, looking into the future and thinking about how we can deal with our real estate requirements in the most cost-effective manner.”

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