Bucking the trend of profitable firms making splashy moves to the West Side, Wachtell, Lipton, Rosen & Katz has renewed its office lease along the Sixth Avenue corridor in midtown.
The firm, facing a lease expiration in 2019, renewed late last year, signing another long-term lease at 51 West 52nd St., according to sources close to the deal. The firm will continue to take up 250,000 square feet across multiple floors at the CBS-owned Black Rock Building, the headquarters of CBS Corp. (Wachtell Lipton has been longtime legal counsel to CBS.)
Wachtell Lipton lawyers represented the firm in the deal, while in-house lawyers at CBS represented the landlord. The brokers for Wachtell Lipton were Mitch Steir and Howard Nottingham of Savills Studley, while brokers for CBS were Michael Laginestra and Andrew Sussman at CBRE.
Financial terms of the deal, first reported by The Real Deal, and the exact length of the lease are not clear. A Wachtell Lipton spokeswoman was not available to comment.
Dorsey & Whitney and Orrick, Herrington & Sutcliffe are also in the building.
While several top firms have made headlines by moving their New York offices to the Hudson Yards development on the West Side, including Cooley, Boies Schiller Flexner and Milbank, Tweed, Hadley & McCloy, many others have renewed along the Sixth Avenue corridor. For instance, Kramer Levin Naftalis & Frankel; Bryan Cave; and Fenwick & West, according to multiple news reports, have all re-signed their office lease along Sixth Avenue in the last year.