Savills Studley announces that Chicago-based law firm Vedder Price has signed a long-term lease for 52,555 square feet at 1633 Broadway for its New York offices. The thriving general-practice firm, which currently occupies the entire 47th floor of the class A building, will relocate to the entire 31st floor later this year.
The move is an attractive one for Vedder Price; the firm’s new space was recently renovated and built out by the previous tenant, allowing the firm to realize significant cost savings while securing a new, already furnished and fully-wired office with modern, contemporary finishes.
“Although we were in the final stages of negotiating a lease at a nearby building, Savills Studley continued to look for opportunities that would best serve Vedder Price’s needs,” said Savills Studley Executive Vice President David Goldstein. “When this opportunity presented itself we pivoted and reengaged the landlord, Paramount. The end result was a win-win for our client, who will end up with substantial savings in moving and renovation costs while avoiding any major disruptions for its team.”
Savills Studley Executive Vice President David Goldstein, Executive Vice President Joe Learner, Executive Managing Director Jason Perla and Corporate Managing Director Scott Weiss represented the tenant, Vedder Price, in the transaction. The landlord, Paramount Group Inc., was represented in-house by Peter Brindley. Asking rents for the upper floors of the building are in the mid-to-high $80’s per square foot range.
Savills Studley previously represented Vedder Price in its Chicago lease extension for 163,286 square feet on floors 22 to 26 and the penthouse at 222 North LaSalle in 2015. Learner, who worked with Vedder Price on both transactions said, “Vedder Price is a leading full-service law firm and, as such, demands a high level of strategy and competency regarding its real estate decisions. Our ability to provide quality, analytical real estate solutions across the country on behalf of Vedder Price was key to the success of this transaction.”
“We are thrilled with the opportunity to relocate to an updated facility that causes very little distraction and disturbance to our day-to-day operations,” said Douglas Hambleton, Operating Shareholder of Vedder Price.
Vedder Price is a general-practice law firm with a proud tradition of maintaining long-term relationships with clients. The firm was founded in 1952 and has approximately 300 attorneys. Vedder Price serves clients of all sizes and in virtually all industries from its offices in Chicago, New York, Washington, DC, London, San Francisco and Los Angeles.
1633 Broadway offers premier office space for a wide variety of leading industries. The 48-story, 2,643,065-square-foot building’s prestigious address and elite ownership/management provide for a corporate environment unmatched in Midtown’s Central Business District. The property has direct access to the New York subway system and is surrounded by some of the most popular and widely recognized cultural and entertainment destinations worldwide.