Covington & Burling, LLP

Client Situation

Over the 15 years that Covington & Burling occupied its offices at 1330 Avenue of the Americas, the firm nearly tripled in size in space that had become outdated.  Covington looked to Studley (now Savills Studley) for a short- and long-term real estate strategy to support it growth plans.

Consideration Analysis

Studley thoroughly analyzed stay-put and relocation alternatives including evaluating various reconstruction scenarios, relative architectural efficiencies and long-term expansion flexibility.

Result

Covington & Burling secured a 160,000-square-foot lease in Renzo Piano’s new iconic tower, The New York Times Building.  Studley secured generous expansion options (one contiguous floor in years five through six; one additional floor in years nine through 11) – flexibility that other tenants in the building were unable to successfully negotiate.  For further flexibility to Covington’s occupancy, Studley negotiated for the right of first offer on two floors, with an additional floor after 12 years. Studley also negotiated for the relocation of a cross-over floor into Covington’s stacking plan to ensure that the law firm’s future growth was contained within its two elevator banks.

Summary Information

  • Property: The New York Times Building, New York, NY
  • Transaction Size: 160,000 SF
  • Transaction Type: Lease Relocation, New Lease
  • Service Line: Law Firm Practice Group, Office