Law Firm To Relocate Offices from East Midtown To Former World Financial Center, Occupy Eight Floors
Law firm Jones Day became the latest high profile firm to head downtown after finalizing a lease for 330,000 square feet at 250 Vesey Street, a 1.9 million-square-foot office property owned by Brookfield Office Properties (NYSE: BPO
). Jones Day is currently located at 222 E. 41st St.
The lease, which backfills a portion of the space in the 34-story tower formerly leased to Bank of America/Merrill Lynch, is in one of four towers within the eight-million-square-foot Brookfield Place office campus. Formerly known as the World Financial Center, Brookfield rechristened the complex as part of an extensive renovation, including $250 million invested in new retail and restaurant space and other features intended to make the former financial center more appealing to a broader array of tenants.
Mitchell Steir, Matt Barlow and David Goldstein of Studley represented Jones Day. Brookfield was represented in-house by its Brookfield Place leasing team.
In keeping with other leases signed by other major law firms, Jones Day will keep roughly the same amount of space it currently occupies, resulting in little net gain for the market.
"Jones Day's decision to relocate from Midtown is yet another example of a firm migrating downtown for its unique lifestyle and transit offerings, paired with appealing economics," said Brookfield Office CEO Dennis Friedrich in announcing the lease signing.
With this transaction, Brookfield said it has signed 35 leases totaling 945,000 square feet year to date in the complex.