http://www.nypost.com/p/news/busines...ohlUnoBAoHqbcN
Paul Weiss passes up terminal lease for renewal
By LOIS WEISS
November 25, 2009
West Side law firm Paul Weiss Rifkind Garrison & Wharton, which holds down a chunk of 1285 Avenue of the Americas, has decided to expand there to 550,000 feet rather than anchor a new Port Authority Bus Terminal tower.
The 15-year renewal lease was the talk of several real estate gatherings last week. On Thursday night, for instance, real estate partner Meredith Kane was lauded at the WX dinner by her Harvard Law School chums, Jennifer Raab, head of Hunter College, and State Senator Eric Schneiderman.
The mega law firm is the largest tenant in the 1.47-million-foot tower -- still known as the Paine Webber Building -- and has a lease that ends in 2010. Last year, renovations won 1285 a LEED silver designation.
"Certainly the level of confidence we and our landlord had to be able to do this deal clearly established values," said Kane, referring us to partner Steve Simkin for further comment. Simkin didn't return a call.
Moshe Sukenik and Barry Gosin of Newmark Knight Frank are representing the attorneys and declined comment.
A year ago, the law firm was negotiating to become the anchor tenant for a new Port Authority Bus Terminal tower proposed by Vornado Realty Trust. This new deal gives the law firm two more floors.
While the lease at 1285 is not yet signed, the decision to renew is a good one for the city and the economy, noted Bill Rudin, speaking at the Real Estate Board of New York's luncheon last Tuesday.