RXR Realty has two new subtenants at 450 Lexington Ave.
Herbert Smith Freehills, an international law firm, recently moved its offices from 1745 Broadway. The law firm has a three-year sublease with Davis Polk & Wardwell, which is headquartered at the Lexington Avenue property.
The other new subtenant at 450 Lexington Ave. is Cresa, an international corporate real estate advisory firm that relocated its headquarters from 100 Park Ave.
Herbert Smith Freehills is a newly merged firm of U.K.-based Herbert Smith and Australian-based Freehills. In September, the firm opened its New York office, its first in North America, with six partners. At that time, it temporarily leased about 10,000 square feet at the Broadway location.
The firm has increased to about 24,000 square feet, an entire 14th floor, at the 32-story, 950,000-square-foot, class-A Lexington Avenue office building to accommodate its 24-person office.
"Now was the right time to enter the U.S. market," said partner Thomas Riley, who also heads the New York City office.
The "dispute resolution market is becoming increasingly globalized" with clients seeking assistance on the "U.S.-related elements of their international disputes," he said. "Our clients have welcomed the firm's decision to open an office in Manhattan."
Kenneth Sold, a partner at Loeb & Loeb, represented the subtenant.
Scott Newmark, a partner at Meister Seelig & Fein, along with associate Michael Perlmutter, represented the sublessor.
Meyer Last, a partner at Fried, Frank, Harris, Shriver & Jacobson, along with associate Alexis Kremen acted as counsel to RXR Realty in consent of the subleases and review of tenant contracts.