Savills Studley announced that Los Angeles-based law firm Manatt Phelps & Phillips, LLP has renewed its New York City lease in Boston Properties’ Times Square Tower.
The firm signed a lease for 80,265 s/f to remain on floors 22-24 of the Class A Midtown office building located at 7 Times Square.
As Manatt’s real estate advisors for over 30 years, the Savills Studley team of Mitch Steir, Howard Nottingham, Jason Perla and John Mambrino brokered the deal.
In a press release, the company said it was able to “leverage several aggressive proposals from other properties to negotiate very competitive economic terms, including scalability from the Times Square Tower landlord, enabling Manatt to modernize its offices to satisfy its future requirements.”
A tenant of Times Square Tower since the building’s completion in 2004, Manatt will soon begin renovations that will increase space efficiency and provide a design aesthetic to support future business needs, said Savills Studley.
Upgrades will include newly constructed centralized meeting and collaboration areas and a new conference center with multi-purpose rooms. Design features will use more glass to increase natural light, views and open space while keeping necessary forms of privacy for offices.
At the same time, Boston Properties is making upgrades to the building itself, including the addition of a new tenant café on the fifth floor Sky Lobby level.
Manatt adds to the list of tenants that have recently renewed at Times Square Tower, including Ann Inc. and Brown Rudnick.
Said Steir: “After a thorough market review and serious consideration of attractive relocation alternatives, Boston Properties’ renewal terms were the most competitive for Manatt.
“Following the renovation, Manatt’s workplace will have the best design and amenities to attract and retain top talent as the firm continues to grow in New York.”