Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.
Law firm Scott+Scott has expanded and relocated its footprint at 230 Park Avenue, growing to 21,365 square feet, according to owner RXR.
The company, which specializes in antitrust, securities and consumer rights litigation, signed a 15-year lease for the entire 24th floor, spokespeople for the landlord confirmed. Asking rent for the space was $85 per square foot.
Scott+Scott will relocate from subleased space on the 17th floor next summer.
The deal brings the 1.3 million-square-foot property, better known as The Helmsley Building, to 80 percent leased, according to The New York Post, which first reported the lease.
RXR’s William Elder, Andrew Ackerman and Walter Rooney represented the landlord, along with Scott Klau, Brian Waterman, Erik Harris, Zachary Weil and Cole Gendels of Newmark. Erik Schmall and Scott Weiss of Savills represented the tenant.
“We are pleased to keep Scott+Scott amongst the impressive and diverse mix of companies who call 230 Park Avenue home,” Elder said in a statement. “230 Park is one of New York City’s most iconic addresses, and their decision to remain in our building on a direct basis is reflective of the continued desire of businesses to be in highly amenitized and efficient buildings that are in close proximity to Grand Central.”
Spokespeople for Newmark and Savills didn’t immediately return requests for comment.
The 35-story Beaux Arts landmark near Grand Central Terminal is also nearing default, as Commercial Observer recently reported. The property’s $670 million CMBS loan was transferred to special servicing Nov. 2 because of “imminent maturity default,” according to Kroll Bond Rating Agency. The tower’s two-year, floating-rate loan expires Dec. 8.
The property’s third-largest tenant, RELX, did not renew its lease last month, and the loan became subject to cash management by special servicing in June.
Other tenants in the building include marketing firm Havas, investment manager Clarion Partners and intellectual property law firm Desmarais LLP.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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Channel, Leases, Office, 230 Park Avenue, RXR, Scott+Scott, The Helmsley Building, New York City, Manhattan, Midtown Read MoreCommercial ObserverLaw firm Scott+Scott has expanded and relocated its footprint at 230 Park Avenue, growing to 21,365 square feet, according to owner RXR. The company, which specializes in antitrust, securities and consumer rights litigation, signed a 15-year lease for the entire 24th floor, spokespeople for the landlord confirmed. Asking rent for the space was $85 per