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Chapman and Cutler Expands at 1270 Avenue of the Americas

Finance and Real Estate Law Firm Signs 10-Year Deal for Nearly 31,000 SF
May 3, 2018

As it continues to grow its New York operations, corporate law firm Chapman and Cutler LLP has added to office space it already occupies at 1270 Avenue of the Americas in New York City's Rockefeller Center.

In its second expansion in seven months, the Chicago-based firm has signed a 10-year lease that will see it occupy a total of 30,571 square feet at the building.

According to CoStar research, Chapman and Cutler originally moved into the office building in March 2013 with 18,363 square feet on the 30th floor. With this new agreement, it adds 6,108 square feet to take a majority of the 29th floor, where it occupies 12,208 square feet.

Chapman and Cutler opted to stay at 1270 Avenue of the Americas after recognizing "its need for more space and understood the benefits of its current location in midtown, which is close to clients and several mass transit options," said David Kleinhelder of CBRE, which represented Chapman and Cutler in lease negotiations.

Deal Summary:

Tenant: Chapman and Cutler LLP

Size: 30,571 SF (total)

Address: 1270 Sixth Ave.

Landlord: Tishman & Speyer

Landlord Rep: Samantha Augarten, Blythe Kinsler and Joshua McGuire - Tishman & Speyer

Tenant Rep: David Kleinhandler and Ken Rapp - CBRE
The 31-story, 528,900-square-foot building was constructed in 1931 on almost two-thirds of an acre in the Plaza District submarket, at the southeast corner of West 51st St. The property is 94 percent leased to multiple tenants, including law firm Venable, NYC Office Suites, Beazley Group and Altour Inc.

Tishman Speyer acquired the tower from RCPI Holdco as part of the 12-property Rockefeller Center portfolio that traded in a $1.85 billion deal back in 2001, according to CoStar data. The acquisition valued 1270 Avenue of the Americas at roughly $123 million at the time.
See CoStar COMPS #561652.

Diana Bell, New York City Market Reporter  CoStar Group   
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