RXR Inks Downtown's Biggest Relocation This Year With Law Firm At 32 Old Slip
In one of the biggest leasing deals signed in Downtown Manhattan this year, law firm Cahill Gordon & Reindel is taking 200K SF at RXR Realty’s 32 Old Slip office building.
Rents in the 20-year lease, which is for the 17th through 22nd floors, were $60 per SF, according to RXR. The deal means the firm is leaving nearby 80 Pine St., owned by Rudin Management.
“As the largest deal in Downtown Manhattan, it reinforces our long-term vision and investment approach for this asset,” RXR New York City Division Executive Vice President and Managing Director William Elder said.
More than 11M SF of Manhattan office space was leased in the third quarter, according to Colliers International. That figure represents a 20% increase over last year. However, the Downtown market has struggled this year, with significant amount of sublease space available. Last quarter, leasing activity dropped by almost 45% from the year before.
CBRE’s Robert Alexander, Ryan Alexander, Michael Affronti, Zachary Price and Gerry Miovski represented RXR, while Elder and Daniel Birney represented the landlord in-house. Newmark Knight Frank’s Moshe Sukenik, Chris Mongeluzo, Eric Zemachson and Tamar Moy represented Newmark.