Law Firm Signs 132 KSF Lease at Historic Manhattan Building

295 Fifth Ave. is also known as the Textile Building. Image courtesy of Tribeca Investment Group, PGIM Real Estate and Meadow Partners

The partnership of Tribeca Investment Group, PGIM Real Estate and Meadow Partners has secured a 132,000-square-foot lease in Manhattan. Quinn Emanuel Urquhart & Sullivan, a global litigation law firm, is set to move to 295 Fifth Ave. in what is considered the largest Midtown South relocation of 2023 so far.

Quinn will occupy floors eight through 10 in the 17-story building located a few blocks from its current office at 51 Madison Ave. CBRE brokered the deal on behalf of both parties.

A historic Manhattan asset

Originally completed in 1920 by George Backer, 295 Fifth Ave. is a 700,000-square-foot tower occupying a full block front, featuring floorplates of 43,887 square feet on average and more than 37,500 square feet of retail space. The partnership acquired the asset for $375 million in 2019, according to CommercialEdge information.

Known as the Textile Building due to its history of housing NYC textile companies, the office tower recently underwent a $350 million redevelopment, designed by Studio Architecture, that was completed this April. The property now has upgraded windows, elevators and HVAC systems while maintaining its historic brick design.

The redevelopment also included a two-story, 34,000-square-foot penthouse and a modern lobby redesigned by Studio MAI. Amenities include outdoor terraces and coworking spaces, alongside a café, library and outdoor greenspace in a rear courtyard.

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Situated in the NoMad neighborhood, 295 Fifth Ave. is near Grand Central Station and Penn Station, providing easy transportation access across Manhattan and the larger New York City area. Dining, retail and entertainment options are within walking distance and Madison Square Park is a few blocks from the office building.

CBRE’s David Hollander, Peter Turchin, Mary Ann Tighe, Brett Shannon, Liz Lash and Hayden Pascal represented the building’s ownership in the transaction. Working on behalf of Quinn was the CBRE team of Lewis Miller, Greg Maurer-Hollaender and Cara Chayet.

Manhattan office space demands top dollar

Manhattan continues to lead the top 25 largest office markets in the U.S. for national asking rates, with $70.71 per square foot as of October. Meanwhile, the borough’s vacancy rate clocked in at 17.4 percent, up 280 basis points on a year-over-year basis, a CommercialEdge report shows.

Earlier this year, another building in Midtown Manhattan landed a 117,181-square-foot lease. Empire State Development, New York State’s economic development and financing agency, committed to five full floors at a Durst Organization-owned office tower.