Law firm Willkie Farr & Gallagher has extended its lease at its 315,000-square-foot headquarters within CommonWealth Partners’ 787 Seventh Ave. for another two decades. The firm will look to renovate the 51-story Theater District office building to meet future needs, although financing details for the planned upgrades were not shared.
While the exact rent for the deal hasn’t been disclosed, the average asking rent for Midtown offices reached $83.54 per square foot in the second quarter of 2024, according to CBRE.
The names of the brokers handling the negotiations on each side were also not disclosed.
“Willkie’s presence and long-term tenancy at 787 Seventh is a true testament to our focus on creating an exceptional overall experience and establishing lasting relationships with our customers,” said Stefan Khudic, a principal at CommonWealth.
“Midtown Manhattan continues to be one of the most vibrant, convenient and accessible locations in New York City,” said Willkie’s New York office Managing Partner, Rosalind Fahey Kruse. “After conducting a thorough evaluation of our space needs for today and tomorrow, we are thrilled to announce that 787 will remain our home well into the future. We look forward to continuing to deliver exceptional service to our clients in our new, state-of-the-art space, which will be designed with our collaborative culture in mind.”
Established in 1888, Willkie Farr & Gallagher has maintained its headquarters within the Axa Equitable Center (as 787 was previously known) for a quarter of a century. Situated between 51st and 52nd streets, the building was designed in a post-modern style by architect Edward Larrabee Barnes for the Equitable Life Assurance Society. Then, in 2016, the property was acquired by CommonWealth Partners and the California Public Employees’ Retirement System in a $2 billion transaction from Axa, the American branch of the French investment banking firm.
Alongside Willkie Farr & Gallagher, the building’s tenant roster includes prominent names such as Edgemont Capital Partners; Holland & Knight; and Citibank, occupying the ground floor.
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