You know who is in a strong position right now? Companies that are renting a large amount of office space in Manhattan. The real estate market is terrible, and landlords are offering sweetheart deals to keep tenants in the building.
Paul Weiss was apparently looking for an office upgrade, but the owners of 1285 6th Ave. convinced the firm to stick around. Crain’s New York Business reports:
In one of the largest real estate deals of the year, law firm Paul Weiss Rifkind Wharton & Garrison reached a deal to renew its lease and take an additional two floors at 1285 Sixth Ave. for a total of about 550,000 square feet, sources close to the transaction said.
That doesn’t sound like a bad deal. It’s one that will save the firm the expense of relocation. And the fact that Paul Weiss is getting extra floors can’t be a bad thing, right? Maybe they’ll have to hire more lawyers for that additional space?
Paul Weiss had a lot of options for office space. After the jump, we look at the midtown ghost town.