Global commercial real estate advisory firm Newmark today announced it has negotiated a 57,000-square-foot lease for law firm Labaton Sucharow at 140 Broadway in Lower Manhattan. Newmark Vice Chairman Jared Horowitz, Executive Managing Director Dan Gronich and Head of New York Consulting Group Jason Perla represented Labaton Sucharow LLP in the renegotiation of their lease.
A recent study of the firm’s occupancy and workplace usage revealed they could reduce their footprint by 20 percent and significantly limit any up-front capital expenses related to becoming more efficient. “The firm was able to successfully negotiate its lease renewal three years in advance of its expiration and achieve a market concession package, while giving back approximately 13,000 square feet prior to its upcoming expiration,” according to Gronich, who has represented Labaton Sucharow for more than 25 years.
“In New York, we’re seeing several law firms do more with less space due to improvements in technology and a preference for increased collaborative space,” said Horowitz. “Labaton Sucharow has enjoyed working with ownership of 140 Broadway for close to 15 years and looks forward to building upon that relationship as they successfully continue their practice in a reimagined and updated workspace.”
140 Broadway is an iconic, 51-story tower, perhaps best recognized for its memorable black and glass exterior designed by Skidmore and Isamu Noguchi’s “Red Cube” located on the plaza facing Zuccotti Park.
About Labaton Sucharow LLP
Labaton Sucharow is a premier litigation firm with offices in New York, Washington, D.C. and Delaware.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.