The Empire State Building is welcoming a new tenant, the law firm of Clifton Budd & DeMaria, while an existing tenant, LinkedIn Corporation, is increasing its office space for a second time.
Clifton Budd, a labor and employment firm, has signed a 10-year lease for 15,072 square feet, about half of the 61st floor, in the 102-story, 2.9-million-square-foot iconic tower at 350 Fifth Ave. The firm will be leaving 420 Lexington Ave., the Graybar Building, where it has been a tenant for about 50 years, leasing about the same amount of space. Clifton Budd expects to move during the second quarter of 2013.
Clifton Budd decided to make the move to the Empire State Building, W&H Properties' flagship building, because it was "offered better terms" and the space is "more desirable," said Robert Wiesen, one of the firm's partners. The office will be brand new with the space "built pursuant to our specifications," he said.
Gerald Bukary, a senior real estate attorney at Goldberg Weprin Finkel Goldstein, represented Clifton Budd.
Deborah Churton Aikins, a partner at Luizzi, Murphy, Solomon & Aikins, in San Francisco, represented LinkedIn in the expansion lease.
David Bleckner and Ian Lester, partners at the law firm of David J. Bleckner, represented the landlord in both deals.
In addition to the Empire State Building's location, "our upgrades, energy efficiency, and international renown" are attracting more tenant interest, Anthony Malkin, president of Malkin Holdings, which supervises the property, said in a statement.
The asking rate per square foot ranges from the low- to mid-$50s depending on the floor. A number of infrastructure upgrades and comprehensive energy-efficient programs have been implemented building-wide. A state-of-the-art fitness center is one of the amenities for tenants.
Clifton Budd, founded more than a century ago, has about 33 staffers, including 20 attorneys in its offices in Manhattan, Albany and West Caldwell, N.J.
California-based LinkedIn continues its expansion with a new 10-year lease, bringing its total office space to more than 72,000 square feet. In July, LinkedIn increased its space by 10,400 square feet to more than 42,000 square feet (NYLJ, July 25).