Another tenant signs up for Silverstein's 7WTC

Real Estate Weekly, August 30, 2006

As REW first reported July 26, Darby & Darby P.C., a leading intellectual property law firm currently based in midtown Manhattan, has signed a deal to relocate its headquarters to the 41st and 42nd floors at 7 World Trade Center.

Darby & Darby managing principal, Andrew Baum, and World Trade Center developer, Larry A. Silverstein, announced that the firm has signed a 15-year lease with Silverstein Properties, Inc. for approximately 80,000 s/f in the 52-story tower.

Based at 805 Third Avenue for the past 17 years, Darby & Darby will move its 200 New York employees to 7 WTC by spring of 2007.

Baum commented, "Our move to 7 World Trade Center confirms, and allows us to expand upon, our status as one of the country's and the world's leading IP law firms."

Darby & Darby was represented by Moshe Sukenik and Mark S. Weiss of Newmark Knight Frank. According to Weiss, "The entire Silverstein team was exceptionally responsive and creative in structuring this transaction."

The law firm joins a growing list of organizations that are moving their headquarters to 7 World Trade Center, which opened in May 2006.

In July, Mansueto Ventures--the publisher of Fast Company and Inc. magazines--signed a 40,000 s/f lease for an entire floor of 7 WTC. Ameriprise Financial currently occupies the 39th floor and the New York Academy of Sciences will move into their new headquarters on the 40th floor this fall. Moody's Investors Service, the financial rating agency, has also signed a letter of intent to lease 15 floors. "Darby & Darby's decision to move to 7 World Trade Center is yet another sign of the tremendous appeal of the Downtown commercial market," said Silverstein

"We are delighted to welcome the firm to the building. With the Mansueto lease closed and with other exciting deals in the pipeline, we are well on our way to filling the first of the spectacular new office towers being built at the World Trade Center."

"It is no surprise that a distinguished firm such as Darby & Darby would want to relocate to one of New York's premier new office towers," said Simon Wasserberger of CB Richard Ellis, who handled the negotiations of the lease agreement with Roger A. Silverstein of Silverstein Properties.

"Darby & Darby's lease at 7 World Trade Center is indicative of the wide range of tenants--creative businesses, law firms, non-profits, as well as traditional financial services--who want to make their home downtown."

Added Silverstein, "We are in the midst of a downtown renaissance. thanks in part to the work of dedicated elected officials such as the Governor and the Mayor. In particular, Assembly Speaker Sheldon Silver devised an initial incentive package over a year ago to jumpstart office leasing throughout lower Manhattan. His efforts have now been proven successful."

The agency leasing team from CBRE Richard Ellis is led by Mary Ann Tighe, chief executive officer of the firm's New York Tri-State Region, and Stephen B. Siegel, chairman, Global Brokerage.