Law Firm Adds 51,000 SF at 919 Third

NEW YORK CITY-Schulte Roth & Zabel LLP has committed to an additional 51,000 sf at its existing headquarters at 919 Third Ave. in the Turtle Bay section in the city. The long-term lease, which is in excess of 15 years, is co-terminus with the 300-attorney firm’s existing space for 230,000 sf, bringing its total amount of space up to 287,000 sf. Financial details of the transaction were not released, however retail space in the building is currently advertised at $125 per sf.

“The need for additional space is a result of steady, internal growth derived from increased business from our clients, and not as a result of a merger or acquisition with another law firm,” explains Jeffrey A. Lenobel, chairman of the firm’s real estate department. Schulte was at 900 Third before moving to 919 three years ago. They started out with 220,000 sf then expanded to 230,000 sf prior to the current expansion. Schulte Roth plans to occupy its space subsequent to build-out.

CB Richard Ellis’ Michael R. Laginestra, Lewis Miller and Scott Pudalov acted for Schulte Roth, while the landlord, Reckson Associates, acted on its own behalf in the transaction. “Not surprisingly, Schulte Roth’s business is very strong and growing,” says Pudalov. “They needed extra space for expansion and being able to remain at 919 Third Ave. was the most attractive choice.”

Built in 1971, the 1.4 million-sf building has other tenants including Debevoise & Plimpton, DraftWorldwide Inc., BNP Paribas and Fairchild Greenwich Group. Retail tenants include Bloomingdales, Chase Manhattan Bank, Outback Steakhouse and PJ Clarkes.