Savills represents client in the execution of one of the largest new leases for a law firm in New York City since the onset of the pandemic
Savills today announced that it has represented Belkin Burden Goldman, LLP (BBG) in one of the largest new leases for a law firm in New York City since March 2020. BBG, which specializes in the real estate sector, representing owners, developers, management companies and coop and condominium boards, signed a long-term, 30,598-square-foot lease at Empire State Realty Trust’s (ESRT) One Grand Central Place. The firm was previously located at 270 Madison Avenue.
“Our team turned over every stone and toured over 40 locations over a six-month period to identify a space that best aligned with the BBG’s vision for its new, long-term home,” said Jeffrey Peck, a vice chairman at Savills. “Ultimately, ESRT presented BBG with an attractive opportunity to relocate its presence to a space that it will build out specifically to suit the firm’s needs, with the industry-leading sustainability achievements and indoor environmental quality measures for which ESRT is known.”
By securing a lease at One Grand Central Place, BBG is eligible to take advantage of ESRT’s Turnkey Suites program, which provides the law firm with full scale architectural, furniture, IT, and moving services. This program affords companies signing direct leases a hassle-free move.
A Savills team of Jeffrey Peck, Daniel Horowitz, Roi Shleifer, Jacob Stern and Colm Ralph negotiated the lease on behalf of BBG, allowing the firm and its 50 attorneys to relocate to part of the 16th floor of the building. ESRT was represented by Newmark’s Scott Klau, Erik Harris, Neil Rubin, and Billy Cohen.
“We decided to sign a long term lease, because we remain bullish on the future of New York City and are confident that it will bounce back, just as it did post 9-11 and after the Great Recession,” said Jeffrey Goldman, founding and co-managing partner of BBG.
“Relocating to One Grand Central accomplishes several of the firm’s business goals. The most important being that our employees will now be located across one floor and in a space that will be tailored to our specific needs – from technology, health, sustainability and design standpoints,” added Daniel Altman, co-managing partner and head of BBG’s Transactional Department.
One Grand Central Place, located directly across from Grand Central Terminal, is a 55-story building with a tenant roster that includes Allianz, 3i, Balfour Beatty, GLG, Institutional Capital Network, Inc., Johnson Controls, and Pine Brook Partners. In recent years, ESRT has restored the building’s lobby and completed upgrades to windows, elevators, air-conditioned public corridors and restrooms, and building-wide systems, including electrical, plumbing, HVAC, and security systems. Additionally, the building features an on-site conference center for exclusive tenant use. The property offers direct access to Grand Central Terminal and is a short walk from the Port Authority Bus Terminal. As part of the ESRT portfolio, One Grand Central Place affords tenants the benefits of leading indoor environmental quality (IEQ) protocols, such as the mitigation of direct, indirect and aerosol transmission through MERV 13 filtration, increased general fresh air ventilation, and bi-polar ionization specifically proven to neutralize 99.92% of coronavirus.
About Savills Inc.
Savills helps organizations find the right solutions that ensure employee success. Sharply skilled and fiercely dedicated, the firm’s integrated teams of consultants and brokers are experts in better real estate. With services in tenant representation, workforce and incentives strategy, workplace strategy and occupant experience, project management, and capital markets, Savills has elevated the potential of workplaces around the corner, and around the world, for 160 years and counting.
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