Marine Cole (Crain's New York Business), April 5, 2011
As announced in Crain's New York Business, Wilk Auslander LLP is moving into new office space at 1515 Broadway. Our new space will be modern, with spectacular views of New York City, and will accommodate our growing firm.
Law firm Wilk Auslander is moving to 1515 Broadway to accommodate growth.
The Manhattan-based firm signed a 10-year lease for 34,000 square feet at 1515 Broadway, where it will take over the entire 43rd floor—39% more space than it has at its present location—toward the end of the summer. Asking rent for this deal wasn’t available; but earlier this year, Electronic Arts signed on at this address for $58 a square foot, according to CoStar Group Inc. The asking rent at 675 Third Ave., where Wilk Auslander currently leases 24,500 square feet on three floors, was also $58 a square foot, according to CoStar.
“We’re bursting at the seams here,” said Jay Auslander, a partner at the law firm, which has been at 675 Third Ave. for 10 years. “We’ve been very busy, and we’re optimistic it will continue.”
Some of the other reasons behind the move to Times Square included the search for a more modern space. “It was starting to become dysfunctional,” said David Hoffman, the Cassidy Turley broker who represented the tenant in the transaction.
Wilk Auslander also wanted to consolidate its employees to a single floor. Although the 43rd floor of 1515 Broadway was split in two units—one occupied by landlord SL Green Realty Corp. and the other slated for Viacom to use as storage—SL Green was able to reconsider the occupancy of that floor and agreed to pre-build the space, another requirement of the tenant. The law firm also wanted to relocate west of Grand Central Terminal to be in a more central location. “They have a fair number of partners who also commute to Penn Station, so there was a desire to move closer to it,” Mr. Hoffman said.
Viacom is one of the largest tenants at the 56-story, 2 million-square-foot tower located between West 44th and West 45th streets. The landlord was represented in-house by David Kaufman and by Cynthia Wasserberger of Jones Lang LaSalle.
Correction: Wilk Auslander is moving to Broadway. This fact was misstated in the headline of this article originally published online April 5, 2011.