NEW YORK – September 8, 2011 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it recently negotiated a 10 year lease renewal covering 11,000 square feet of office space at 1700 Broadway on behalf of Spivak Lipton LLP, a New York-based law firm.
Spivak Lipton, established in 1989, represents labor organizations and employee benefit funds in industries including entertainment, health care, education, transportation, construction and communications. Spivak Lipton’s clients are both private and public sector organizations, ranging in size from small local unions to large international unions. Spivak Lipton also represents individuals in employment matters, including discrimination and wage and hour claims.
“After inspecting properties all over Manhattan, renewing the existing lease proved to be the most cost effective and least disruptive option for our firm,” said Sara Corello, a partner with Spivak Lipton. “We love 1700 Broadway for its location and services but an obstacle to renewing was the prospect of paying for and installing sprinklers in advance of the July 2019 compliance deadline imposed by the NYC Fire Department. Cassidy Turley negotiated a tenant improvement allowance that will cover the cost of cosmetic upgrades to the premises plus sprinkler installation, which was very appealing.”
“We originally brought Spivak Lipton to 1700 Broadway in early 1990’s and then renewed their lease 10 years ago,” said David Hoffman, Jr., Executive Managing Director at Cassidy Turley. “We were delighted to work with the firm yet again. 1700 Broadway is a great building and the landlord, The Ruben Companies, was great in helping us find a solution to the sprinkler issue.”
Wendy Miller, Managing Director, assisted Mr. Hoffman in representing the tenant. The landlord was represented by Peter Shimkin of Newmark Knight Frank.
For information regarding current law firm trends as they relate to commercial real estate, please visit a recent whitepaper released by Cassidy Turley, entitled Insights: The Evolution of Law Firm Office Space.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,300 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.