Lawyerly Lairs, Real Estate

Lawyerly Lairs: Orrick Shacks Up With Wachtell

CBS Building 1 Black Rock Blackrock Wachtell Lipton WLRK Orrick.jpgMega-fraudster Marc Dreier, who recently traded a magnificent penthouse for a cell at the MCC (look him up in the handy Inmate Locator), isn’t the only New York lawyer with new digs.
The iconic CBS Building (aka “Black Rock”), longtime home of Wachtell Lipton, has another prestigious legal tenant. From the New York Observer:

Law firm Orrick Herrington & Sutcliffe was expected Thursday to sign a lease for approximately 220,000 square feet at CBS’ 38-story granite slab known as Black Rock, at 51 West 52nd Street, according to industry sources.

As part of the deal, Orrick is taking the space being vacated by UBS and Cushman & Wakefield, which will consolidate its midtown offices at 1290 Avenue of the Americas. Sources say that UBS paid more than $32 million to terminate its lease early, money which CBS applied to the Orrick deal to absorb the costs of Orrick’s build-out of the noncontiguous space to the tune of $150 a square foot, and which will reduce the firm’s rent in the building.

It’s a great building, with handsome, elegant architecture (courtesy of Eero Saarinen). Because the footprint is relatively small, it doesn’t have the impersonal, warehouse-like feel of many other New York office buildings. The midtown location is super-convenient, and the higher floors offer amazing views. (We know Black Rock well, having spent several thousand hours in it while working at Wachtell.)
An Orrick spokesperson confirmed to ATL that the deal, described by the Observer as “expected,” has closed. Congratulations to Orrick on the fabulous new digs!
Links and press release, after the jump.

Orrick Signs Lease for a New Office in New York
NEW YORK – Orrick, Herrington & Sutcliffe LLP announced that it has signed a lease to move to the Blackrock Building at 51 West 52nd Street. The Blackrock Building is owned by CBS Broadcasting, Inc. Orrick’s long-term lease begins in the fall of 2009, and the firm plans on occupying the new space in the spring 2010.
“We are excited about our new prestigious office space and the opportunities for growth and expansion it provides Orrick,” said Peter A. Bicks, Orrick’s New York Office Leader and Litigation Partner. “This was not a quick decision. We evaluated the current and future needs of our firm and its clients, and we carefully assessed the current real estate market conditions before committing to the lease.”
Orrick’s new office space will comprise nine floors and over 210,000 sq ft with the option for additional floors in the future. Newmark Knight Frank advised Orrick on this transaction. Currently, Orrick has over 1,100 lawyers globally and 200 lawyers in its New York office.
Since 2002, Orrick has opened or considerably expanded several offices. The firm opened an office in Paris in 2002, in Milan in 2003 and in Rome in 2004. In 2005, Orrick doubled the size of its London office with the addition of partners from Coudert Brothers and also opened offices in Moscow, Taipei and Hong Kong. In 2006, the firm opened in Beijing and Shanghai. Also in 2006, Orrick greatly expanded its Paris office by merging with Rambaud Martel. In 2008, Orrick opened three offices in Germany–Berlin, Düsseldorf and Frankfurt.
About Orrick
Orrick, Herrington & Sutcliffe LLP is a global law firm with more than 1,100 lawyers in North America, Europe and Asia. The firm focuses on litigation, complex and novel finance and innovative corporate transactions. Orrick’s clients include Fortune 100 companies, major industrial and financial corporations, commercial and investment banks, high-growth companies, governmental entities, start-ups and individuals. The firm’s 21 offices are located in Beijing, Berlin, Düsseldorf, Frankfurt, Hong Kong, London, Los Angeles, Milan, Moscow, New York, Orange County, Pacific Northwest, Paris, Rome, Sacramento, San Francisco, Shanghai, Silicon Valley, Taipei, Tokyo and Washington, D.C.
Orrick Expected To Sign Huge Lease at CBS Building [New York Observer]
CBS Building [Wikipedia]

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