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Manatt Renews Long-Term Lease for 80,000 SF at 7 Times Sq

Facing Relocation Options, the National Law Firm Deemed Landlord's Renewal Terms as "Most Competitive"
June 6, 2018
National legal and professional services firm Manatt Phelps & Phillips LLP has recommitted to its long-time home at 7 Times Sq. in New York City.

The L.A.-based law firm has signed a long-term lease renewal totaling 80,265 square feet and will occupy floors 22 through 24 at the 47-story tower owned by Boston Properties.

Manatt has been a tenant at the 1.2-million-square-foot building, also known as Times Square Tower, since it came online in 2004. The firm said that with the renewal signed, it will upgrade its interior spaces for efficiency, creating centralized meeting rooms and collaborative areas while keeping some private offices. It will also incorporate more glass to diffuse natural light through the space.

"After a thorough market review and serious consideration of attractive relocation alternatives, Boston Properties’ renewal terms were the most competitive for Manatt," said Mitchell Steir, chairman and chief executive of Savills Studley, who led the team representing the law firm. "Following the renovation, Manatt’s workplace will have the best design and amenities to attract and retain top talent as the firm continues to grow in New York."

Boston Properties is currently upgrading the building and adding a tenant café to its lobby on the fifth floor. The landlord declined to provide further detail on its renovation costs.

According to CoStar research, a host of law firms keep their headquarters in Times Square Tower, including Brown Rudnick LLP, Day Pitney LLP, O’Melveny and Myers LLP and Pryor Cashman LLP. The building is almost fully leased, with just 101,000 square feet available. Ann Taylor anchors the building, occupying 304,000 square feet of office space and nearly 62,000 square feet in flagship retail space on the tower’s lower three floors.

Savills Studley has a long history with Manatt, acting as its real estate advisor for 30 years. In a release, Savills Studley said its legal tenant practice group has advised more than 80 percent of the top 100 firms in American Lawyer’s 2018 ranking.

  For the Record: Howard Nottingham, John Mambrino and Jason Perla worked along Steir in representing Manatt on this transaction. The team said they were able to "leverage several aggressive proposals from other properties to negotiate very competitive economic terms, including scalability."

Diana Bell, New York City Market Reporter  CoStar Group   
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