The global law firm Morgan, Lewis & Bockius has concluded a significant lease agreement to relocate its New York offices. The firm, which focuses on corporate mergers and specialised advisory services, has secured 205,000 square feet in the building at 1251 Avenue of the Americas, owned by Mitsui Fudosan America. This was revealed in a report on the Manhattan office market for the third quarter by Colliers. A source close to the deal confirmed the transaction.
This agreement represents a relocation for Morgan, Lewis & Bockius, as also confirmed by a recent office report from Savills. Currently, the firm's New York location is still listed on its website at 101 Park Avenue, near Grand Central Terminal. The exact timing of the move is not yet known. Representatives of the firm did not comment immediately upon request.
Market Data and Building Details
The exact rent and the duration of the lease have not yet been published. According to the latest data from Colliers, the average asking rent for office space in Midtown Manhattan in the third quarter was $80.71 per square foot. Newmark acts as the exclusive leasing agent for the building at 1251 Avenue of the Americas but declined to comment. It remains unclear who represented the tenant side in this deal.
The building at 1251 Avenue of the Americas, formerly known as the Exxon Building, is a 54-storey office building located between West 49th and West 50th Streets. It houses a number of other prominent tenants. Its strategic location in Midtown Manhattan makes it an attractive address for businesses across various sectors.
Prominent Tenants
- —LGT Capital Partners (Alternative Investment firm)
- —DLA Piper (Law firm)
- —Daiwa Capital Partners (Financial services provider)
The arrival of Morgan, Lewis & Bockius underscores the appeal and standing of 1251 Avenue of the Americas as a premium office location in the heart of Manhattan. Despite general market uncertainties, this substantial lease agreement demonstrates a continuing demand for high-quality space in prime locations.
