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The city’s oldest law firm has sold its longtime headquarters in anticipation of moving to new offices. The purchaser plans to convert the 1922 office building into new residential property, another step toward the transformation of the Financial District into a 24-hour community. Cadwalader Wickersham & Taft sold 100 Maiden Lane to a real estate development group for $57 million. The purchaser, Maiden Lane Properties was represented by Ira S. Nesenoff of Nesenoff & Miltenberg. Cadwalader partners Frederic L. Altschuler, W. Christopher White and John M. Zizzo, and senior attorney Warner D. Norton represented the sellers Cadwalader announced in September its plans to move and sell the Maiden Lane building. The 800-attorney firm leased 450,000 square feet at 1 World Financial Center, a deal that was completed with landlord Brookfield Properties last week after six months of negotiations. The firm expects to move into space formerly leased by Lehman Brothers in the first quarter of 2005. Cadwalader will remain at 100 Maiden Lane through that time, and has leased the space back from the new owners until the move is complete, Mr. Nesenoff said. The address is actually comprised of two adjoining buildings at Cedar and Pearl streets. The first is a 10-story structure. The annex at 102-106 Maiden Lane is 23 stories tall. The historic 325,000-square-foot structure is slated to be converted from office to residential use. An application has been filed with the New York State Housing Finance Agency by Lalezarian Developers, Maiden Lane Properties’ parent, for tax-exempt Liberty Bonds worth up to $98 million to finance the renovation. Mr. Nesenoff said that application is not yet approved. The plan calls for the building to be become a multi-family residential project with about 6,500 square feet of new construction adjoining. The final development will include approximately 336 apartments, 15,000 square feet of retail space and a 65-car parking garage, according to the Liberty Bonds application. Total reconstruction costs are forecast at about $100,000, the application said. Cadwalader was represented by Noble Carpenter, Mark Marasciullo, and Jay Miele, of Jones Lang LaSalle’s New York capital markets group in the sale of 100 Maiden Lane. The lender on the deal was M&T Bank, which loaned in two loans a total of $40 million. Real Estate Marketplace is written by Eileen AJ Connelly. To report a transaction, contact the Law Journal at [email protected].

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