Savills Studley announced that Chicago-based law firm Vedder Price has signed a long-term lease for 52,555 s/f at 1633 Broadway for its New York offices.
The general-practice firm, which currently occupies the entire 47th floor of the class A building, will relocate to the entire 31st floor later this year.
The move is an attractive one for Vedder Price; the firm’s new space was recently renovated and built out by the previous tenant, allowing the firm to realize significant cost savings while securing a new, already furnished and fully-wired office with modern, contemporary finishes.
“Although we were in the final stages of negotiating a lease at a nearby building, Savills Studley continued to look for opportunities that would best serve Vedder Price’s needs,” said Savills Studley executive vice president David Goldstein.
“When this opportunity presented itself we pivoted and re-engaged the landlord, Paramount. The end result was a win-win for our client, who will end up with substantial savings in moving and renovation costs while avoiding any major disruptions for its team.”
Goldstein, along with executive vice president Joe Learner, executive managing director Jason Perla and corporate managing director Scott Weiss represented the tenant in the transaction. The landlord, Paramount Group Inc., was represented in-house by Peter Brindley. Asking rents for the upper floors of the building are in the mid-to-high $80’s psf range.
Savills Studley previously represented Vedder Price in its Chicago lease extension for 163,286 s/f at 222 North LaSalle in 2015.
Douglas Hambleton, Operating Shareholder of Vedder Price, commented, “We are thrilled with the opportunity to relocate to an updated facility that causes very little distraction and disturbance to our day-to-day operations.”