Lawyers close on 100,000 s/f

Real Estate Weekly, Nov 26, 2008

CB Richard Ellis arranged the 15-year, 100,000 s/f lease at 7 Times Square for law firm Pryor Cashman, first reported last week.

The firm will occupy space in the Boston Properties-owned building in mid-2009.

CBRE represented both sides in the transaction.

"Pryor Cashman is relocating to a practically new, move-in ready space at the top of one of Midtown's trophy buildings, consolidating from a current facility spread across three older, interconnected buildings," said Mark Ravesloot, executive vice president, CBRE, who arranged the lease with Lewis Miller, vice chairman, Jason Gorman, senior vice president, and Mike Wellen, vice president.

Boston Properties was represented by the CBRE team of John Powers, chairman, Peter Turchin, executive vice president, and Christie Harle, senior financial analyst, in the transaction that came together in less than a month.

Upon its move, Pryor Cashman will occupy the entire 39th, 40th and 41st floors, as well as almost half of the third floor at 7 Times Square, which is located at the crossroads of Broadway and Seventh Avenue and West 41st and 42nd Streets.

The firm is currently located at 400 and 410 Park Avenue, which are joined, as well as in Herron Tower at 70 East 55th St. The new space is approximately 10,000 sf larger, allowing for future growth.