The international law firm Loeb & Loeb, which employs over 450 lawyers in the US and Asia, has expanded its office footprint in Midtown East to 178,959 square feet. The firm signed a 16-year lease extension for its existing 160,051 square feet of office space on the 18th to 21st floors of Rudin's 345 Park Avenue building and leased an additional 18,908 square feet.
This expansion includes the entire 22nd floor and parts of the 12th floor of the prestigious building. By increasing its space, Loeb & Loeb is cementing its presence in one of New York's most desirable office locations. The deal also underlines the continued demand for prime office space in central business districts, even in a dynamic market environment.
Michael Rudin, Executive Vice President of Rudin, commented on the transaction. He emphasised that Loeb & Loeb has been a tenant in the building for over 30 years. The recent expansion and lease renewal attest to the firm's success and reflect its confidence in the 345 Park Avenue location. Rudin also highlighted the high standards maintained in the building's management and amenities.
For Rudin, the transaction was represented in-house by Tom Ponti. Loeb & Loeb was advised by a Savills team including Vice Chairmen Patrick Keesee, Daniel Horowitz, as well as Senior Managing Directors Michael Baraldi and Jason Perla. Savills had previously advised Loeb & Loeb on a major lease renewal in 2012, which at the time involved the leasing of 155,000 square feet.
The building at 345 Park Avenue is a 46-storey commercial building with 2 million square feet of space. It is known for its advanced infrastructure and sustainability features. It recently received Platinum certification from WiredScore for its technology infrastructure. This certification attests to the building's outstanding connectivity and technological equipment, which is of great importance for modern businesses.
The building also holds LEED Gold certification and a WELL Health-Safety Rating. These awards demonstrate Rudin's commitment to environmental standards and the health and well-being of its tenants. These features significantly contribute to the attractiveness of the location for law firms such as Loeb & Loeb, which value a modern, efficient, and healthy working environment.
