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Deals & DealmakersLeases

Law firm reduces its footprint while renewing in Lower Manhattan

Newmark Knight Frank (NKF) has announced a 57,000-s/f lease for law firm Labaton Sucharow at 140 Broadway in Lower Manhattan.

NKF Vice Chairman Jared Horowitz, Executive Managing Director Dan Gronich and Head of New York Consulting Group Jason Perla represented Labaton Sucharow LLP in the renegotiation of their lease.

A recent study of the firm’s occupancy and workplace usage revealed they could reduce their footprint by 20 percent and significantly limit any up-front capital expenses related to becoming more efficient.

“The firm was able to successfully negotiate its lease renewal three years in advance of its expiration and achieve a market concession package, while giving back approximately 13,000 square feet prior to its upcoming expiration,” according to Gronich, who has represented Labaton Sucharow for more than 25 years.

“In New York, we’re seeing several law firms do more with less space due to improvements in technology and a preference for increased collaborative space,” said Horowitz. “Labaton Sucharow has enjoyed working with ownership of 140 Broadway for close to 15 years and looks forward to building upon that relationship as they successfully continue their practice in a reimagined and updated workspace.”

140 Broadway is a 51-story tower, perhaps best recognized for its memorable black and glass exterior designed by Skidmore and Isamu Noguchi’s “Red Cube” located on the plaza facing Zuccotti Park.

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