The international law firm Alston & Bird, which provides legal advice to Fortune 100 companies and private institutions, has signed a significant lease agreement to relocate its offices from Park Avenue. This is a 15-year contract for 169,664 square feet (approx. 15,762 square metres) in Harbor Group International's building at 51 West 52nd Street. This move signals the firm's intention to reposition its presence in one of Midtown Manhattan's most prominent locations.
The transaction was announced by Newmark, who represented the landlord. No specific rent for the building, also known as 51W52, was disclosed. However, according to a CBRE report, the average asking rent for offices in Midtown in May was USD 86.55 per square foot.
Growing Success for 51W52
Jordan Slone, Chairman and CEO of Harbor Group International, expressed satisfaction with the development: “51W52 is now fully leased to a roster of prominent tenants, all befitting the prestige of the building.” He added that 51W52's success confirms their firm belief in the resilience of the New York office market, particularly for prime trophy properties in top locations.
The landlord was advised by a Newmark team comprising Howard Hersch, Greg Conen, Scott Klau, Erik Harris, Jennifer Schreiber, and Zach Weil. Representing the tenant Alston & Bird were Brad Wolk, Matthew Barlow, David Goldstein, Joe Learner, Matthew Brainard, and Laura Whelan from Savills.
Key Tenants in the Building
The 38-storey building has recently seen other significant lease agreements. These include Kroll Bond Rating Agency, which leased 121,000 square feet in January. Similarly, law firm Orrick, Herrington & Sutcliffe extended its lease for 144,312 square feet in July 2024. These transactions highlight the continued attractiveness and high demand for prime office space in prominent New York locations, confirming Slone's assessment of the market.
- —Alston & Bird's new location: 51 West 52nd Street
- —Lease term: 15 years
- —Leased area: 169,664 square feet
- —Previous location: 90 Park Avenue
