The one-million-square-foot, 47-story tower at 1177 Ave. of the Americas is 94% leased.
NEW YORK CITY—Law firm Kramer Levin Naftalis & Frankel has signed a lease extension at 1177 Ave. of the Americas, in Midtown, for 265,348 square feet. The occupier has been a tenant at 1177 Avenue of the Americas since 2005 and, under the 15-year extension, the firm will retain its headquarters at the building through 2035.
Kramer Levin is reducing its footprint at the Silverstein Properties tower by approximately 50,000 square feet, according to the Wall Street Journal. Under the new lease, the firm will occupy floors 22-30 and the concourse level.
The tenant was represented in the transaction by Moshe Sukenik, Chris Mongeluzo, and Brian Cohen of Newmark Grubb Knight Frank. The landlord was represented in-house by Roger Silverstein, Joseph Artusa and Camille McGratty. Also handling the deal for the tenant in-house was Neil R. Tucker and Elisabeth Avallone while the landlord was represented by Jeffrey Samuels of Wilk Auslander.
Located between 45th and 46th streets, the one-million-square-foot, 47-story tower at 1177 Sixth Ave. is 94% leased by tenants such as Bank Hapoalim and Practising Law Institute. The property—which is also known as Americas Tower—is in proximity to 14 subway lines, Port Authority Bus Terminal, Grand Central Terminal and Penn Station and is within walking distance of Rockefeller Center, Times Square, and Bryant Park.
“We are thrilled to continue our terrific relationship with Kramer Levin at 1177 Sixth Avenue and look forward to their continued success as one of the premier law firms in New York,” says Roger Silverstein, EVP of leasing for Silverstein.
“1177 Avenue of the Americas is situated prominently in the heart of Midtown and boasts nearly all the amenities modern tenants desire,” adds NGKF vice chairman Sukenik. “With four back-up generators, a new cooling tower, upgraded elevator mechanical systems and large floor plates, this building will continue to serve as a great home for Kramer Levin and the renovations will greatly improve their space efficiency.”