X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Law firm Pryor Cashman is concluding a two-year search for new space with a 15-year lease of 100,000 square feet at 7 Times Square, where it will move in mid-2009. The deal, completed last week, was announced on Monday.

Ronald H. Shechtman, managing partner at Pryor Cashman, tells GlobeSt.com his firm had “looked at multiple spaces and submitted multiple lease proposals” in the course of two years, and also considered renewing in place. “At the same time, we wanted to be ready should a unique opportunity arise.” That opportunity arose when San Francisco-based firm Heller Ehrman–which closed its doors in September–left its New York offices in virtually move-in condition.

Shechtman credits CB Richard Ellis, which represented both Pryor Cashman and landlord Boston Properties, with “truly educating us about the market and helping us reach consensus.” As a result, the deal came together in less than a month.

In a CBRE release, EVP Mark Ravesloot notes that Pryor Cashman is consolidating from its current space, “spread across three older, interconnected buildings.” Those interconnected buildings are 400 and 410 Park Ave., which are joined, as well as in Herron Tower at 70 E. 55th St. Pryor Cashman has been at 410 Park since 1971.

The new space is approximately 10,000 square feet larger, allowing for future growth. Pryor Cashman had record profits in 2007 and is on track to do the same this year, according to a release from the law firm. Currently it employs more than 130 attorneys and 90-plus support staff.

Pryor Cashman will occupy all of floors 39 through 41, with additional space at the base of the 48-story building, also known as Times Square Tower. According to published reports, a 15% drop in asking rent to $85 per square foot helped propel the deal. Shechtman declines to comment on that figure, but tells GlobeSt.com, “New York shares the volatility of other markets.”

Along with Ravesloot, the CBRE team representing Pryor Cashman included vice chairman Lewis Miller, SVP Jason Gorman and VP Mike Wellen. Boston Properties was represented by the CBRE team of chairman John Powers, EVP Peter Turchin and senior financial analyst Christie Harle.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.