Law Firm Expands Manhattan Lease to 98 KSF

1675 Broadway is directly adjacent to Broadway Theatre. Image courtesy of CommercialEdge

Law firm Davis & Gilbert has expanded its headquarters adding 12,022 square feet to its Manhattan office space at 1675 Broadway. The company signed a 13-year lease with landlord Rudin Management, bringing its total presence in the building to 98,124 square feet. CBRE represented the tenant in the transaction, while ownership was represented in house.

Davis & Gilbert has been occupying floors 31st through 34th, along with a portion of the 35th floor totaling 86,102 square feet, since 2019. The expansion further increases the tenant’s footprint on the 35th floor. Other law firms such as Roberts & Holland and Balard Spahr also reside at the property, along with tenants from other industries, including Publics North America and Bankrate, according to CommercialEdge data.

In 2015, the property became subject to a $254.6 million 15-year loan from Metropolitan Life Insurance Co., CommercialEdge information shows. Completed in 1987, the building rises 35 stories and encompasses 800,000 square feet, featuring 32,836 square-foot floor plates and a 60-car parking garage.

Located near the intersection of Broadway and West 52nd Street, 1675 Broadway is within walking distance of Central Park, as well as multiple subway stations. It is also directly adjacent to the Broadway Theater and less than half a mile from Times Square.

Manhattan remains the most expensive office market

CBRE Vice Chairman Lewis Miller, along with Executive Vice President Michael Wellen and Senior Vice President Christopher Hogan represented the tenant in the transaction. Rudin was represented in house by Senior Vice President Robert Steinman. Recently, Miller was involved in facilitating the expansion of another law firm’s office space in Manhattan, bringing its total footprint to more than 700,000 square feet.

As of September, asking rates in Manhattan contracted by 0.5 percent, reaching $70.05, but still remaining the priciest in the nation, according to a recent CommercialEdge report. Office vacancy in the borough clocked in at 17.7 percent, on par with the national average of 17.8 percent, the same source shows.