Paramount Group — one of the largest real estate investment trusts in the U.S. — has announced the closing of a 15-year lease agreement with O’Melveny & Myers LLP (OMM) for 142,000 square feet of office space at 1301 Avenue of the Americas. The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
Negotiations on behalf of the landlord were conducted in-house by a team led by Peter Brindley, Doug Neye and Sean Kirk, along with JLL’s Frank Doyle, David Kleiner, Clark Finney and Andrew Coe. The tenant was represented by JLL’s Lisa Kiell and Randy Abend, accompanied by CBRE’s Lynn Williams and Jeff Welch. Asking rent was $84 per square foot. The list of tenants at 1301 Avenue of the Americas includes the likes of investment bank SVB Securities and insurance firm Swiss Re.
“We are proud to welcome O’Melveny & Myers to 1301 Avenue of the Americas,” said Peter Brindley, executive vice president and head of real estate. “This significant transaction exemplifies the appeal of 1301 Avenue of the Americas, which continues to attract today’s most discerning tenants.”
The new lease agreement allows O’Melveny & Myers to shift its workforce from its previous headquarters at 7 Times Square. The move will also result in yet another downsizing of the company’s footprint in Manhattan. The firm initially signed a lease for 355,000 square feet in 2006, only to gradually reduce it to 150,000 square feet prior to this latest move.
OMM’s downsizing echoes a larger trend set by several companies — including Amazon, Meta, KPGM and Buzzfeed — that have recently pulled back on the New York office market as a result of the popularity of remote work among their employees.
However, while the law firm has decided to reduce its presence in Manhattan, it nearly tripled its total footprint at Harwood International’s newest office tower in Dallas. In May, OMM signed a lease to occupy 75,000 square feet of prime Dallas office space at Harwood No. 14. The company joins the likes of Haynes and Boone and S2 Capital in the 19-city block Harwood District.
With so many large companies taking steps to offer their employees workplace options and maximum flexibility, access to a reliable and up-to-date database of listings from all major U.S. markets is essential. Find the space that fits your business needs with CommercialCafe.com:
