By Hiten Samtani on September 09, 2014.
Law firm Davis Wright Tremaine will be moving to Mitsui Fudosan’s 1251 Sixth Avenue, The Real Deal has learned. Davis Wright is jumping ship from Paramount Group and Beacon Capital Partners’ 1633 Broadway, and will take 42,000 square feet at its new location.
The firm will pay rents starting in the low $70s per square foot for the entire 21st floor over a ten-year term, according to CompStak data. Savills-Studley’s David Goldstein and Gabe Marans represented Davis Wright, while Newmark Grubb Knight Frank’s David Falk and Peter Shimkin represented Mitsui Fudosan in the deal. The brokers weren’t immediately available for comment.
The Bank of Tokyo, law firm DLA Piper and asset management firm Natixis are other major tenants at the 54-story, 2.36 million-square-foot tower, located between 49th and 50th streets. The Bank of Tokyo, however, is reportedly in negotiations to take more than 300,000 square feet at the McGraw Hill building at 1221 Sixth Avenue.
Davis Wright’s 27th-floor, 52,000-square-foot space at 1633 Broadway has already hit the sublease market, according to leasing website View the Space.