Law firm signs lease at 1 WFC

Real Estate Weekly, July 24, 2002

The law firm of Richards Spears Kibbe & Orbe has signed a long-term sublease for 84,344 SF of space on three floors at 1 World Financial Center, the four-building office complex immediately west of Ground Zero in Lower Manhattan.

This is the first new lease to be negotiated in the complex since the Sept. 11 terrorist attacks and the first new transaction to be completed in the Liberty Zone. It is also the largest law firm move concluded in Lower Manhattan in 2002.

Richards Spears Kibbe & Orbe, which required a significant expansion from its space at One Chase Manhattan Plaza, will occupy floors 27, 28 and 29 at 1 World Financial Center.

Ted Rotante, corporate managing director with Julien J. Studley Inc.'s Midtown New York office, represented the law firm in the transaction. Lehman Brothers Inc., the primary lease-holder in the Brookfield Properties Corp.-owned 1 World Financial Center, was represented by Insignia/ESG Inc.

"This sublease offered a prestigious Class A address with a high-quality build-out at a favorable rate," said Rotante. "The space matched the amenities of the firm's previous location, and the modifications represented less than one-third the cost of a new installation."

Rotante said the move enables the firm to meet expansion needs, establish a major presence in the Downtown market and reconfirm its commitment to Lower Manhattan while also benefiting from significant available incentives.

"Our firm is very excited about our new space at 1 World Financial Center," said Richards Spears Kibbe & Orbe partner Larry Halperin. "We have always enjoyed working Downtown, and we are looking forward to being Downtown in the future. We believe that in the next few years the World Trade Center area will become one of the most vibrant spots in New York City."