Law Firm Inks 101 KSF Manhattan Lease

919 Third Ave.

Law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo has signed a 20-year lease with SL Green Realty Corp. for 101,394 square feet at 919 Third Ave., in Downtown Manhattan. The Boston-based Am 100 Law firm will relocate its headquarters from 666 Third Ave., less than 1 mile away.

The office tower occupies 1.4 acres between East 56th and 57th streets, totaling 1.6 million square feet across 47 stories, with floorplates ranging between 30,000 and 40,000 square feet. The building encompasses 24,633 square feet of ground-floor retail, the adjoining P.J. Clark’s bar and restaurant, as well as 130 parking spaces.

Completed in 1970, the glass and steel building designed by Skidmore, Owning & Merrill is currently undergoing renovations. Improvements will include lobby upgrades, a new plaza entrance and a bike room, as well as updated elevator cabs and bathrooms.

The law firm will occupy floors 37 to 39 and part of the building’s concourse at an asking rent of $80 per square foot, the New York Post reports. The law firm will join a tenant roster including Debevoise & Plimpton, Schulte Roth & Zabel, Tufenkian and Chase Manhattan Bank. Bloomberg has been anchoring the property since the company almost doubled its lease in 2016.

Manhattan office between crosswinds

With a 10.9 percent vacancy rate as of June, 470 basis points lower than the U.S. average, Manhattan led the way among gateway markets for occupancy. Boston and Los Angeles followed, at 11.7 percent and 13.1 percent, respectively.

And while deal velocity has not caught up with pre-pandemic levels, prices have registered a significant increase. During the first half of 2021, the average price per square foot clocked in at $1,249, a 61 percent hike from the figure recorded same time last year.

SL Green, the borough’s largest commercial owner, also concluded the most substantial transaction in June, landing $325 million for two office towers in Midtown Manhattan.