Kilpatrick Townsend & Stockton LLP Signs 45,000 SF Lease with Brookfield Office Properties at the Grace Building
Law firm inks Midtown lease at 1114 Avenue of the Americas, doubling its space
New York, NY (July 5, 2011)
In what is one of the largest law firm deals signed in New York thus far in 2011, international real estate services firm Studley arranged a 45,000-square-foot lease on behalf of Kilpatrick Townsend & Stockton at the Grace Building, managed and co-owned by Brookfield Office Properties. Studley’s Executive Vice President and Co-Branch Manager for New York, Ken Ruderman, represented the law firm in the transaction.
In January, Kilpatrick Stockton LLP merged with Townsend and Townsend and Crew LLP to form Kilpatrick Townsend & Stockton LLP – thus creating one of the 70 largest law firms in the U.S. and necessitating a larger space.
“Our office has grown consistently since we entered the New York market several years ago. This transaction is the culmination of a well thought-out, multi-year business plan,” said Kilpatrick Townsend’s Partner Andrew M. Kauss who spearheaded the project for the firm along with fellow Partner Bailey Teague. “We are pleased to have achieved such a terrific result and look forward to an ongoing relationship with Brookfield Office Properties.”
Kilpatrick Townsend will double in size from its current 22,500 square feet at 31 West 52nd Street, taking the entire 21st floor, and a portion of the 22nd floor at the Grace Building. The firm is scheduled to relocate at the end of the year.
Ruderman, a 25-year tenant rep veteran who specializes in representing law firms, handled the search and subsequent negotiations on behalf of the firm. “We were strategic in our approach, canvassing the market 18 months ahead of Kilpatrick’s lease expiration in order to time the relocation with the expiration,” he noted. “Because we were proactive, we were able to successfully create an opportunity with Brookfield that resulted in an ideal lease transaction in one of Midtown’s premier buildings.”
Located in the heart of Midtown at 1114 Avenue of the Americas, the Grace Building is a 49-story, Class A office tower that offers premier building services and spectacular views of the Manhattan skyline, Hudson River and Bryant Park. It is a prime office location for companies seeking access to transportation and the many amenities New York City has to offer. Recently, the lobby and outdoor public spaces surrounding the building underwent a large-scale renovation. STK restaurant is scheduled to open its Midtown location on-site later this year.
Brookfield Office Properties’ Duncan McCuaig represented ownership in the transaction.
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 19 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, 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
About Kilpatrick Townsend
Kilpatrick Townsend has nearly 650 attorneys in 18 offices extending into the four corners of the continental United States; Asia; and Europe, including: Atlanta, GA; Augusta, GA; Charlotte, NC; Denver, CO; New York, NY; Oakland, CA; Palo Alto, CA; Raleigh, NC; San Diego, CA; San Francisco, CA; Seattle, WA; Walnut Creek, CA; Washington, DC; Winston-Salem, NC; Dubai; Stockholm; Taipei, and Tokyo. For more information, please visit: www.kilpatricktownsend.com