STUDLEY ARRANGES 105,000 SF LEASE RENEWAL FOR
LAW FIRM ARNOLD & PORTER LLP
NEW YORK (March 23, 2005) – LAWFUEL – The Law News Network – Continuing to build on its reputation as the leading real estate advisor to U.S. law firms, national commercial real estate services firm Studley has negotiated a 105,000-square-foot lease renewal for law firm Arnold & Porter LLP.
The lease, which includes the option to lease an additional 50,000 square feet during the 15-year term, will enable the firm to grow at 399 Park Avenue, where it has been since 2001.
Arnold & Porter LLP will continue to occupy the 33rd, 34th, 35th and 36th floors of the 1.5- million-square-foot, 39-story building, which is owned by Boston Properties. Situated between East 53rd and 54th Streets, the newly renovated building spans the block front from Park Avenue to Lexington Avenue, one of Manhattan’s most prestigious office corridors.
“Given Arnold & Porter’s long term growth projections, it was important that we were able to lock in future contiguous expansion options with attractive economics. This will enable Arnold & Porter to remain in the building that has served them well for the past 15 years,” explained Studley CEO and Chairman Mitchell S. Steir.
Studley represented the law firm in its original lease at 399 Park Avenue, and also handles the firm’s real estate needs across the country.
Mr. Steir, along with Executive Managing Director Howard Nottingham, Executive Vice President Matthew Barlow and Senior Managing Director John Mambrino represented Arnold & Porter in negotiations. John Powers of CB Richard Ellis handled the transaction on behalf of the landlord.
Attorney John Sym of Mintz Levin handled legal negotiations on behalf of Boston Properties, while Arnold & Porter was represented in-house by Jennifer Perkins.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the “conflict-free” business model of representing only tenants in their commercial real estate transactions. Today, with 18 offices nationwide and an international presence through its London office and affiliation with Global Property Alliance, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.