The Kaufman Organization has brokered a ten-year, 46,000 s/f lease for subscription based legal news service, Law360, a LexisNexis company, at 111 West 19th Street.
The legal news provider is relocating from its current Union Square offices — split amongst 860 Broadway and 200 Park Avenue South — to two, 23,000 s/f, full-floor spaces in Kaufman’s eight-story building in Chelsea.
Law360 is one of the fastest growing subscription news services in the country.
The news organization specializes in rapid news gathering and distribution in close to 50 practice areas, industry, and state sections. The legal & insight news organization — currently close to 200 employees — has doubled in size over the past three years.
“Law360 has grown into a premier breaking legal news service and needed a location in which it could continue to thrive, expand and succeed,” said Scott Roberts, General Manager at Law360.
“As such, we identified 111 West 19th Street because it offered two expansive full-floor units, each with sprawling layouts that foster collaboration amongst our rapidly growing staff.
“As an organization that prides itself on rapid news gathering and breaking alerts, it was also important for Law360 to reward its hard-working talent; the fun and relaxing environment, new office features and the Midtown South location allow Law360 to create the ideal long-term home.”
Law360’s 46,000 s/ffootprint can accommodate up to 300 staffers, including reporters and business professionals.
The dual full-floor spaces will feature common areas for quick collaboration on news alerts, open air workspaces, a news ticker to funnel breaking news to staff and numerous monitors that will track the day’s news.
Asking rents for the 10-year lease were in the mid-$60’s per square foot range and with this transaction the building is 100 percent leased.
Steven Kaufman, Barbara Raskob and Yvonne Chang of the Kaufman Organization represented the landlord, 19th Street Associates LLC; Paul V. Ippolito of Newmark Knight Grubb Knight represented Law360.
“111 West 19th Street has become an increasingly popular destination for forward-thinking firms and its diverse tenant roster featuring Regus, the Barbarian Group, Kleinfeld Bridal and now Law360, reflects how the building has become one of the premier locations for companies in search of full-floor spaces,” said Kaufman, president of the Kaufman Organization.
“An eight story building, with eight dedicated spaces, has a certain element of exclusivity to it; each features loft-style layouts, 15-foot ceilings and oversized windows. When you factor other improvements like the renovated lobby, new elevator cabs and the addition of state-of-the art broadband technology—among other upgrades—it’s easy to see why tenants are so attracted to the property.”
The Kaufman Organization, with over 100 years of experience and six million square feet of owned or managed space, is considered one of the most well-respected real estate companies in New York.
Law360 serves more than 450,000 attorneys every day with late-breaking news on litigation.