Epstein Becker Green Moves to 875 Third Avenue

Savills Studley, the leading commercial real estate advisory firm specializing in tenant representation, announces that law firm Epstein Becker & Green, P.C. (Epstein Becker Green), has signed an 80,000-square-foot lease to relocate to 875 Third Avenue.

Three years prior to the firm’s lease expiration at 250 Park Avenue, Epstein Becker Green tapped Savills Studley’s Jeffrey Peck, Daniel Horowitz, Brad Wolk, Tim Prunka and Adam King to evaluate the firm’s options. Following an analysis of the tenant’s needs, the Savills Studley team of brokers and consultants recognized an opportunity for the law firm to modernize and become more efficient.

Said Peck: “Today’s standards for space configuration would allow Epstein Becker Green to reduce its footprint by 20% despite continuous growth of its headcount, and a new, more modern workplace would go a long way in terms of talent attraction and retention. The firm’s existing space would need to be completely demolished and retrofitted in order to accomplish this, so a relocation proved to be the best course of action.”

The Savills Studley team conducted an extensive review of Midtown East offices that would allow the law firm to remain near Grand Central Terminal. To preserve the law firm’s capital, the team narrowed the search to existing, high-end law firm space that could be easily renovated to meet Epstein Becker Green’s needs. The brokers prepared a report of over 50 relocation options that would meet the firm’s requirement.

When the Savills Studley team uncovered the possibility that law firm Hogan Lovells was considering a relocation from 875 Third Avenue to 390 Madison Avenue, the brokers began negotiations for the “off-market” floors with the 875 Third Avenue landlord, Global Holdings, which was represented in-house by Craig Panzirer and by JLL’s Paul Glickman and Diana Biasotti.

Said Horowitz: “By taking the space off the landlord’s hands before Hogan Lovells had even signed their next lease, the 875 Third landlord would immediately secure a prestigious, creditworthy tenant with zero downtime or marketing dollars spent. This win-win scenario enabled us to negotiate a transaction that is economically favorable for Epstein Becker Green and gives the law firm a substantial tenant improvement allowance to modify the space into an incredible new home.”

In mid-2019, Epstein Becker Green will move to the partial 18^th, entire 19^th and 20^th and partial 21^st floors of 875 Third Avenue between 52^nd and 53^rd Streets. Ralph Cali of Savills Studley will oversee project management for the law firm’s renovation. The space will include a dramatic three-story atrium that the law firm will use as a reception area and conferencing center. The building’s owner is creating a new retail concourse which has direct access to the E, M and 6 subway lines. Recent upgrades to the building also include new elevators, lobby, escalators and other interior improvements.