Lester Schwab upgrades to two full floors of space in FiDi. Read the piece on The Real Deal here.
Law firm takes two full floors at Savanna’s 100 Wall StreetLester Schwab will pay rents in the low-$40s per square footFebruary 13, 2014 12:16PM By Hiten Samtani
Savanna has signed law firm Lester Schwab Katz & Dwyer to a 39,293-square-foot space at 100 Wall Street, The Real Deal has learned. Lester Schwab will take the entire 26th and 27th floors and pay rents starting in the low-$40s per square foot in a 10-year deal, according to CompStak data. The asking rent was in the mid-$40s per square foot.
The law firm was represented by Studley’s Marc Shapses, Joe Messina and Oliver Petrovic, while Savanna was represented by Jones Lang LaSalle’s Mitchell Konsker, Scott Cahaly and Kyle Young. None of the brokers was available for comment.
Michael McDonagh, a partner at Lester Schwab, said in a statement provided by Studley that “in addition to being perfectly situated to accommodate our long-term goals, we’ll also enjoy bridge and water views from a beautiful, modern office space.”
In 2011, Savanna bought the 29-story, 450,000-plus-square-foot building, located between Pine and Water streets. A source with knowledge of the deal told TRD at the time that Savanna assumed the $117 million senior loan and a $7.5 million mezzanine loan in the acquisition. Since the start of 2013, tech and creative firms have signed to take up about 50,000 square feet of combined space in the building.
Lester Schwab will be downsizing and relocating from its 68,000-square-foot space at Silverstein Properties’ 120 Broadway.