Thelen Reid & Priest commits to 177,098 SF

Real Estate Weekly, May 30, 2001

In a deal that represents the largest lease negotiated so far this year for a law firm in Manhattan, Thelen Reid & Priest LLP has signed a 177,098 SF 15 1/2-year lease for seven floors at 875 Third Ave., a 29-story 700,000 SF tower which occupies the entire block between 52nd and 53rd Streets.

The move allows Thelen Reid & Priest, long time tenants of 40 West 57th Street, to expand its New York City offices. The firm will occupy the entire sixth floor, plus floors 8 to 14 when the existing tenant vacates.

Insignia/ESG teams represented both clients in the transaction; Michael R. Laginestra, Lewis Miller, Jason Gorman and Andrew Sussman negotiated the deal on behalf of Thelen Reid & Priest, while John Powers, Stephen Apple and Eric Engelhardt of Insignia/ESG's agency group represented landlord Boston Properties.

"Thelen Reid contemplated remaining on 57th Street," said Laginestra, "but the creative options afforded them at 875 Third were too compelling."

"They will be able to design their offices from scratch instead of retrofitting existing space; they will have signage in the lobby; a unique dedicated interior atrium offering a signature environment; plus excellent subway connections as the E and F and Number Six trains have underground entries directly into the building," said Miller.

Thelen Reid & Preist will join Schroder Capital Management, consultants Watson Wyatt, attorneys Hogan & Hartson, Northwestern Mutual Insurance, and Information as new tenants in the recently modernized Boston Properties building.

According Powers, once discussions commenced concerning a move to 875 Third Ave., the deal was consummated in a record two weeks time.

Thelen Reid & Priest plan to occupy 875 Third Ave, on or before early November 2002. The existing tenant's lease at 875 Third expires in June 2002.