100 Wall Street (NYLJ/Rick Kopstein)
The defense litigation law firm of Lester Schwab Katz & Dwyer (LSK&D) in downtown Manhattan has found a new location. It will leave 120 Broadway to move the short distance to 100 Wall St., between Pine and Water streets, around July 1.
Lester Schwab has a 10-year lease with Savanna for 39,293 square feet on the 26th and 27th floors of the 29-story Wall Street property that spans 450,000 square feet.
Mark Maltz and Yossi Subar, partners at Davis & Gilbert, and associate Seth Chaikin, represented the law firm.
William Stempel, a partner at McDermott Will & Emery, and associate Amy Fridman represented Savanna.
“The entire firm is excited about the move” said Lester Schwab managing partner Michael McDonagh. For nearly 35 years, the firm has resided at Silverstein Properties’ landmark 120 Broadway, leasing about 55,000 square feet. ALM Media Properties, New York Law Journal and the Office of the New York State Attorney General are also tenants of 120 Broadway.
McDonagh said that even though the existing footprint is larger, it contains “significant unusable space” such as a “10,000-square-foot magnificent library that is unfortunately an anachronism.”
The overall asking rate for office space in lower Manhattan in proximity to 100 Wall St. is about $52.50 per square foot, according to Studley’s February report.
The new space, which offers bridge and water views, is “perfectly situated to accommodate long-term goals” and a complete build-out will provide the firm with “advanced technological capabilities to further support the firm’s evolution,” McDonagh said.
Based downtown since its start in 1974, Lester Schwab has a roster of 61 attorneys with expertise in a variety of matters, including general liability, product liability, insurance, security and transportation. The firm also has another location in Millburn, N.J.
Savanna, an institutional real estate private equity firm and asset management company, has been based in New York City since its start in 1992. Since then, Savanna has invested more than $2.6 billion in total capital across 17.3 million square feet of real property across multiple assets and locations, representing $3.8 billion in total capitalization.
Marc Shapses, Studley’s executive managing director, Joseph Messina, executive managing director, and Oliver Petrovic, assistant director, also assisted the law firm.
Scott Cahaly, a senior vice president at Jones Lang LaSalle, acted on behalf of Savanna.
A joint venture of Sitt Asset Management has sold 240 W. 40th St. to AEW Capital Management for $63 million. The 13-story, loft-style commercial property is located between Seventh and Eighth avenues.
The joint venture includes the Sitt family, the Sutton family and the Tawil family/Centurion Realty. Public records show the buyer as PVII CTNY 240 Owner LLC, an entity of AEW.
Eric Hoberman, a partner at Kriss & Feuerstein, represented the seller.
The buyer was represented by a Goodwin Procter team lead by Christopher Price, partner, and associates Sean Gruver and Christine Ryan.
Jones Lang LaSalle, which marketed the property for the seller, was persistent in finding the right buyer through an extensive marketing campaign, Hoberman said.
The 159,774-square-foot property at 240 W. 40th St. shoulders the Garment and Times Square districts, and is 100 percent leased to LVMH Group / Moët Hennessy-Louis Vuitton, an international luxury designer group that has 60 brands, including The Donna Karan Company/DKNY. The fashion house celebrated its 30th anniversary this month.
The property, called the Donna Karan Building, was renovated to DKNY specifications to include a “spectacular glass-enclosed penthouse,” Steven Shapiro, a senior vice president at Jones Lang LaSalle, said in a statement.
Founded more than a decade ago, Sitt Asset Management has a large portfolio of office buildings, shopping centers and residential developments in New York, New Jersey, Maine, Pennsylvania, Florida and Tennessee.
Centurion Realty owns or operates more than 50 properties totaling over 4 million square feet.
Founded in 1981, AEW Capital Management manages approximately $26.6 billion of real estate assets and securities in North America on behalf of the world’s leading institutional and private investors.
In addition to Shapiro, Jones Lang LaSalle vice chairmen Richard Baxter, Jon Caplan, Scott Latham and Yoron Cohen, in the capital markets group, acted on behalf of the seller.
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