Law firms expansions lead to new Third Avenue leases

Real Estate Weekly, Jan 19, 2005

Following the recent expansion trend by law firms throughout the city, two prominent firms, Segal McCambridge Singer & Mahoney, LTD and Kirby McInerney & Squire LLC have signed lease deals totaling approximately 20,000 s/f at 830 Third Avenue, a 13-story, boutique-style office building located in the heart of Midtown Manhattan.

The CB Richard Ellis team of David Sims, Zachary Freeman and Helena Dedic represented the property owner, RREEF, a full service real estate investment advisor, in both multi-faceted transactions. Cushman & Wakefield acted on behalf of Segal McCambridge Singer & Mahoney, while Colliers ABR negotiated the lease on behalf of Kirby McInerney & Squire.

Segal McCambridge Singer & Mahoney committed to 11,768 square feet of space on the entire fourth floor of the property. The full-service law firm specializing in complex liability litigation, currently occupies 2,000 square feet of office space at 805 Third Avenue. In addition to the 11,768 square feet of office space for its New York operations, the firm has also taken 1,840 square feet of below-grade space.

In addition, Kirby McInerney & Squire currently located on the entire 10th and part of the 9th floors of the property, has committed to expand by 6,052 square feet onto part of the eighth floor. Specializing in consumer and securities fraud litigation, Kirby McInerney & Squire is now the largest tenant in the property, occupying a total of 21,000 square feet.

"We are very pleased that Segal McCam-bridge has chosen to make 830 Third Avenue its New York headquarters. Additionally, we are thrilled that Kirby McInerney has elected to expand onto a third floor and will now become our largest occupant in the building," said Mr. Freeman.

"This is a true testament to RREEF's overall philosophy regarding tenant retention and maintaining tenant services," said Mr. Sims. "Tenants are lured to the location due primarily to its close proximity to Grand Central Terminal, its boutique style, full floor presence, institutional ownership, technologically advanced HVAC package units per floor, and relatively inexpensive overtime HVAC rate."

Designed by well-known architecture firm Skidmore Owings and Merrill in 1958 and located on the southwest corner of 51st Street and Third Avenue, 830 Third Avenue is a 13-story, 175,000-square-foot office building. Tenants include Marina Maher Communications and US Life Insurance Co.