Law Firm Expands Manhattan Footprint
Meirowitz & Wasserberg LLP has renewed and expanded its Manhattan footprint to 24,014 square feet at the 255,000-square-foot 1040 Avenue of the Americas. Newmark brokered the deal on behalf of the landlord, Skyline Developers.
The personal injury law firm renewed its commitment for 12,007 square feet on the 10th floor and also fully leased the seventh floor of the building. The company has been a tenant at the 24-story property since 2021, having initially occupied 5,448 square feet.
Completed in 1925, the Art Deco office tower underwent a full-scale renovation and façade restoration in 2016. The building has pre-built and custom-built office suites with floorplates ranging from 6,895 to 12,007 rentable square feet.
Located between Bryant Park and Times Square, 1040 Avenue of the Americas provides access to Penn Station. Empire State Building and Rockefeller Center are within walking distance.
Newmark Vice Chairman William Cohen and Associate Director Ariel Harwood represented the owner in the lease negotiations.
Signs of steady progress for Manhattan’s office sector
Manhattan’s office vacancy rate fell to 16.5 percent as of March, down 100 basis points year-over-year, according to the latest CommercialEdge office report. The market’s listing rate during the same month clocked in at $69, more than double the $33.4 national average.
Notable deals in the area include Newmark’s renewal and expansion for its headquarters in Manhattan, at 125 Park Ave. The company, which has been a tenant at the building since the mid-1990s, grew its footprint to 184,239 square feet.
In February, two law firms extended their leases at 600 Third Ave., also in Midtown Manhattan, for 55,269 and 12,505 square feet. L&L Holding Co. owns the 42-story tower.
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