875 Third Ave. (NYLJ/Rick Kopstein)
Atlanta-based law firms Troutman Sanders and Hawkins Parnell Thackston & Young both found midtown Manhattan to be the ideal location for their New York City offices.
Troutman Sanders has signed a 15-year lease for 87,127 square feet at 875 Third Ave., while Hawkins Parnell has a seven-year lease for 12,487 square feet at 600 Lexington Ave.
Troutman Sanders is moving closer to Grand Central Terminal from the Chrysler Building, at 405 Lexington Ave., where it has been a tenant since 2000.
Public records show 875 Third Avenue LLC, care of Eastgate Realty, as the owner of the Third Avenue property, a 720,000-square-foot, 29 story, class-A office building between 42nd and 43rd streets. Eastgate is also the building’s management agent.
“This is an exciting opportunity for us in New York,” said J. David Dantzler, managing partner of Troutman Sanders’ New York City office. “We view this move as an ongoing commitment.”
The firm plans to relocate to the new office in the second quarter of 2015.
Troutman Sanders’ Manhattan office, which has 98 attorneys, has grown “significantly” over the past year, with eight new partners and a net increase of 12 lawyers, Dantzler said. While the firm’s new space will be smaller, he said, it will be able to accommodate more lawyers. The firm will occupy floors 15 through 17.
Raymond Sanseverino, a partner and chair of Loeb & Loeb‘s real estate group, and Nichole Cortese, senior counsel, represented the ownership.
Troutman Sanders was represented in-house by partner John Buehner in Atlanta.
The asking rate for the middle floors at 875 Third Ave. is reportedly in the $50s per square foot.
Troutman Sanders will have the opportunity to custom build a new office with state-of-the-art meeting and event space, Dantzler said.
“We believe that our ‘office of the future’ design will provide other efficiencies that will benefit our lawyers and our clients,” he said.
Troutman Sanders services include civil and commercial law with clients across every sector and industry.
“All of our practice areas are seeing increased activity, but our IP, real estate, finance and litigation practices are especially busy,” Dantzler said. “We believe this is the result of general market conditions, coupled with our specific offerings in New York.”
Troutman Sanders, which has a total of 610 attorneys, was established in 1897 in Atlanta, which is the firm’s largest office. The law firm’s New York City office, whose predecessor was Parker Chapin, originated in 1934. Overall, the firm has 16 offices, including three in China. Last month the firm opened a new office in Charlotte, its second in North Carolina.
Meanwhile, Hawkins Parnell will be relocating to midtown Manhattan to 600 Lexington Ave. from 90 Broad St. and expanding its footprint in the city.
Since the office’s opening in February 2013, Hawkins Parnell has been based at 90 Broad St. An existing extended lease is due to expire Aug. 31 and the firm expects to be in the new space by Sept. 1.
Hawkins Parnell has a seven-year lease with SL Green Realty Corp. for 12,487 square feet on the eighth floor of the 36-story, more than 304,500-square foot Lexington Avenue building. The firm’s existing office is less than 9,000 square feet, across three floors.
“The New York City office is the centerpiece of the firm’s efforts to grow in the Northeast, enabling us to represent clients in New York, New Jersey, Pennsylvania, Connecticut and elsewhere,” said John Canoni, partner-in-charge of the office.
Robert Epstein, of counsel at Newman Ferrara, represented Hawkins Parnell.
SL Green was represented by Haynes and Boone partner Noah Shapiro and associate Lauren Margiano.
The asking rate per square foot at 600 Lexington Ave. ranges from the mid-$60s to mid-$80s. The law firm’s space will be customized and will have room to accommodate 25 attorneys.
In part, Hawkins Parnell sought a midtown location to better accommodate client needs and for the location’s convenience when lawyers and staff visit from other offices, Canoni said.
Hawkins Parnell represents clients in high-risk litigation and business disputes. The firm’s main growth areas are in commercial litigation, labor and employment, pharmaceutical and banking, and finance litigation, Canoni said. The firm anticipates hiring additional attorneys this year and is in discussions with several lateral partner candidates.
Established in 1963 in Atlanta, the firm’s largest office, Hawkins Parnell has a total of 150 attorneys, including 11 based in Manhattan. The firm also has offices in Austin, Texas; Charleston, S.C.; Dallas, Los Angeles, St. Louis and San Francisco.
Jones Lang LaSalle’s Paul Glickman, vice chairman, and Diana Biasotti, senior vice president, handled the lease for Eastgate. Glickman also led a team on behalf of SL Green at 600 Lexington Ave.
CBRE’s Lewis Miller and Kenneth Rapp, vice chairmen, acted on behalf of Troutman Sanders.
Transwestern’s Mimi Hockman, broker, and Kyle Williams, research and transaction support, handled the lease for Hawkins Parnell.
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