Law Firm Doubles in Size Twice in Five Years
New York, NY (January 13, 2010)
For the second time in five years, law firm Lewis Brisbois Bisgaard & Smith LLP has more than doubled the size of its office space in Lower Manhattan, this time signing a 75,716-square-foot lease at 77 Water Street.
The law firm, which has its main office in Los Angeles, has grown nationally both organically and by acquisition.
In 2005, Lewis Brisbois moved from 8,000 square feet at 100 Wall Street to 34,000 at 199 Water Street and now plans to move into its new space on the 19th, 20th and 21st floors of 77 Water under a 10-year agreement.
Marc Shapses of Studley’s New York office and Craig McKenna from Studley’s West L.A. office co-brokered the transaction with Adam Foster of CBRE. Cushman & Wakefield brokers Louis D’Avanzo and Robert Constable represented the sublandlord. The sublease includes a work letter that will cover the entire cost to build out the space to Lewis Brisbois’ specifications.
"Lewis Brisbois hit the market at just the right time,” shared Mr. Shapses of commercial real estate services firm Studley, who added that the 77 Water space would have been priced 70 percent higher two years ago. “The firm had outgrown its space at 199 Water. With several well-priced, quality options in the marketplace, we were able to take our time to determine the most appropriate building with space that could accommodate the firm’s size today, as well as in the future, with the right economics.”
The law firm signed this new transaction five years prior to the expiration of its lease at 199 Water Street.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.