Union Investment’s 140 Broadway has secured a new lease with law firm Lewis Brisbois Bisgaard & Smith, which will occupy 70,000 square feet across three floors, according to the New York Business Journal. The deal was disclosed in a CBRE report and is noted as the second-largest office lease in Lower Manhattan during the third quarter.
Lewis Brisbois will house more than 200 lawyers at the new location. A partner at the firm stated, “the space would help the firm ‘meet our ever-increasing demand from new and existing clients,’” and highlighted the benefit of being close to legal courts.
The specific asking rent for this transaction was not revealed. However, data from Avison Young indicates that average asking rents in the Financial District are $61.99 per square foot.
The law firm plans to move to 140 Broadway next year, departing from its temporary space at 7 World Trade Center. Previously, Lewis Brisbois was located at 77 Water Street, a property now being converted into residential use by Vanbarton Group. The move follows that of Arup, a global sustainable development consultancy, which recently signed for nearly 100,000 square feet in the same building.
At the time of Arup’s lease, approximately 300,000 square feet remained available in the 51-story, 1.25 million-square-foot tower.
Office leasing activity in Manhattan showed signs of recovery in the third quarter. According to a Colliers report, tenants leased 9.4 million square feet during that period—a 2 percent increase from the previous quarter and almost 27 percent above the five-year quarterly average. Year-to-date leasing volume has surpassed 30 million square feet, exceeding pre-pandemic levels and representing the highest year-to-date demand since 2002.
— Holden Walter-Warner
