Manatt Phelps & Phillips Renews 80,265 SF, Will Modernize Midtown Space
06 June 2018
Savills Studley announces that Los Angeles-based law firm Manatt Phelps & Phillips, LLP has renewed its New York City lease in Boston Properties’ Times Square Tower. The firm signed a lease for 80,265 square feet to remain on floors 22-24 of the Class A Midtown office building located at 7 Times Square.
As Manatt’s real estate advisors for over 30 years, the Savills Studley team of Mitch Steir, Howard Nottingham and John Mambrino, along with Jason Perla of the firm's consulting practice, were able to leverage several aggressive proposals from other properties to negotiate very competitive economic terms including scalability from the Times Square Tower landlord, enabling Manatt to modernize its offices to satisfy its future requirements.
A tenant of Times Square Tower since the building’s completion in 2004, Manatt will soon begin renovations that will increase space efficiency and provide a design aesthetic to support future business needs. Upgrades will include newly constructed centralized meeting and collaboration areas and a new conference center with multi-purpose rooms. Design features will use more glass to increase natural light, views and open space while keeping necessary forms of privacy for offices.
At the same time, Boston Properties is making upgrades to the building itself, including the addition of a new tenant café on the fifth floor Sky Lobby level. Manatt adds to the list of tenants that have recently renewed at Times Square Tower, including Ann Inc. and Brown Rudnick.
Said Steir: “After a thorough market review and serious consideration of attractive relocation alternatives, Boston Properties’ renewal terms were the most competitive for Manatt. Following the renovation, Manatt’s workplace will have the best design and amenities to attract and retain top talent as the firm continues to grow in New York.”
In 2017, Manatt was listed in American Lawyer’s A-List ranking of the nation’s 20 most elite law firms based on revenue per lawyer, pro bono, associate satisfaction, diversity and percentage of female equity partners.
Savills Studley’s Legal Tenant Practice Group has advised more than 80% of American Lawyer’s top 100 firms as of 2018. The brokerage firm’s conflict-free platform, culture of innovation and zealous client advocacy were among the key reasons the New York Law Journal named Savills Studley the “best commercial real estate tenant representation firm” in 2017.
