The people building 1 World Trade Center still seem to be having trouble attracting big-time tenants. Especially law firms. Previous reports have indicated that Mayer Brown and Morgan Lewis have backed out of deals to take up residency in the new tower.
The latest law firm deal to fall through appears to be that of Chadbourne & Parke. In January, the New York Times reported with much fanfare that Chadbourne & Parke would be a “prime tenant” a 1 WTC. But this week, the New York Post is reporting that the deal has fallen through.
Chadbourne, currently housed at 30 Rock, doesn’t have to go downtown, but it can’t stay where it is. So where will Chadbourne be going?
First of all, we’re not really sure why Chadbourne is out at 1 WTC. From the New York Post:
Closely watched talks for law firm Chadbourne & Parke to move to 1 World Trade Center cratered yesterday, leaving followers of both downtown and the legal landscape scratching their heads.
Chadbourne abruptly informed 1 WTC’s owners, the Port Authority and the Durst Organization, that the deal was dead — “as in dead, not a negotiating posture,” an informed insider said.
“They will not be going there.”
But Chadbourne has to go somewhere. The firm’s midtown space has already been rented out by Deloitte for 2014. So the firm is going to have to go somewhere.
While the thought of Chadbourne lawyers having pick-up meetings in Starbucks and diners around Manhattan is funny, I don’t think think Chadbourne people need to start scouting for space in Zuccotti Park just yet.
A law firm as old as Chadbourne will be an attractive tenant for somebody. Eventually. We think. Tick-tock.
UPDATE (9/7/2012): Chadbourne had found a new home. Hopefully they’ll have better luck there than the prior tenant.
Trade Tower Is Set to Add Prime Tenant, a Law Firm [New York Times]
Chadbourne & Parke WTC deal is ‘dead’ [New York Post]