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An international immigration law firm is moving from Downtown to Midtown for a price well below average for the neighborhood.
Fragomen, Del Rey, Bernsen & Loewy has signed a 16-year lease for 108K SF at 1400 Broadway, at the corner of West 38th Street, where it will take the entire eighth through 10th floors. The asking rent on the lease is $59 per SF, the New York Post reports. The average asking rent for Midtown in the second quarter was $80 per SF, according to a CBRE report.
Fragomen is moving from 7 Hanover Square Downtown, following Guardian Life Insurance out the door after the latter signed a sublease in 10 Hudson Yards. 1400 Broadway owner Empire State Realty Trust retained the Newmark Knight Frank team of Scott Klau, Eric Harris and Neil Rubin as brokers in the new lease, while the law firm was represented by a separate NKF group made up of John Shaunfield, Seth Weinstein and Paul Ippolito.
