Premier Law Firm to Retain Headquarters in 265,000 Square Feet at Midtown Tower
Silverstein Properties announced today that full-service law firm Kramer Levin Naftalis & Frankel LLP has signed a lease extension at 1177 Avenue of the Americas, its iconic Class-A Midtown tower.
Kramer Levin, an elite firm which represents public and private companies across a broad range of industries, as well as funds, institutions, and individuals, will occupy 265,348 square feet on the 22-30 floors and concourse level. Kramer Levin has been a tenant at 1177 Avenue of the Americas since 2005 and under the 15-year extension, the firm will retain its headquarters at the building through 2035.
“We are thrilled to continue our terrific relationship with Kramer Levin at 1177 Avenue and look forward to their continued success as one of the premier law firms in New York,” said Roger Silverstein, Executive Vice President of Leasing for Silverstein Properties.
Kramer Levin was represented by Moshe Sukenik, Chris Mongeluzo, and Brian Cohen of Newmark Grubb Knight Frank. The landlord was represented in-house by Roger Silverstein, Joseph Artusa and Camille McGratty. The tenant was represented in-house by Neil R. Tucker and Elisabeth Avallone and the landlord was represented by Jeffrey Samuels of Wilk Auslander LLP.
Prominently situated in the heart of Midtown, the 1 million-square-foot, 47-story tower is 94 percent leased to a prestigious tenant roster, including Bank Hapoalim and Practising Law Institute. It features a 45-foot lobby and exterior arcade which were upgraded in 2013 by Moed de Armas & Shannon Architects. The project included lighting and design enhancements, a modernized lobby desk and tenant signage program, turnstiles and new address identification integrated into the building’s distinctive architecture. Located between 45th and 46th Streets, 1177 Avenue of the Americas is in proximity to 14 subway lines, Port Authority Bus Terminal, Grand Central Terminal and Penn Station and is within walking distance of Rockefeller Center, Times Square, and Bryant Park.
“1177 Avenue of the Americas is situated prominently in the heart of Midtown and boasts nearly all the amenities modern tenants desire,” said NGKF Vice Chairmen Moshe Sukenik. “With four back-up generators, a new cooling tower, upgraded elevator mechanical systems and large floor plates, this building will continue to serve as a great home for Kramer Levin and the renovations will greatly improve their space efficiency.”
About Silverstein Properties
Silverstein Properties, Inc. (SPI) is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. SPI has developed, owned and managed more than 40 million square feet (3.25 million square meters) of commercial, residential and retail space, including 7 World Trade Center, the first LEED-certified office tower in New York City, which opened in 2006 and 4 World Trade Center which opened in November 2013.
Currently, the firm has $10 billion of development underway including Four Seasons Downtown New York Hotel and Private Luxury Residences, One West End and 2 and 3 World Trade Center. In addition, SPI is focused on joint ventures for development and acquisitions in Europe, Asia and Israel. The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row.
For further information on Silverstein Properties, visit www.silversteinproperties.com.
