Baker Botts has renewed its lease for 10 years with Tishman Speyer Properties for 100,000 square feet at the iconic 30 Rockefeller Plaza. The firm's existing lease was due to expire Sept. 30.
"When we first moved to 30 Rock, we were a much smaller office," said Lee Charles, the partner in charge of the New York City office, which has 67 attorneys.
The Houston-based law firm opened its first office in Manhattan in 1992 and has been a tenant at the Midtown tower since 2002. It leases three entire floors: the 43rd, 44th and 45th. As the firm grew, it had "acquired additional space in the building over time," Charles said.
The New York office has been "extremely successful and a lease renewal of this magnitude and duration demonstrates that we expect that success to continue," he added.
Ronald Sernau, a partner at Proskauer Rose and cochair of its real estate department, and senior counsel Craig Masheb represented the firm on the lease.
Donald Sonnenborn and Glenn Motelson, partners at Davis & Gilbert, represented Tishman Speyer. Sonnenborn is also cochair of the firm's real estate department. The landlord was also represented in-house by Christine Goodgold, general counsel.
Before renewing the lease, Baker Botts considered "a range of options," including a new location, Charles said. The firm took into consideration how staff and attorneys would be impacted, along with the disruption caused by a large-scale move, and concluded a renewal was the best option. The landlord also offered a "very attractive proposal" for renewal, he added.
The terms of the lease are undisclosed but the general asking rate at 30 Rockefeller Plaza is reportedly about $100 per square foot.
The complex at Rockefeller Center spans six square blocks between Fifth Avenue and Avenue of the Americas, from 48th to 51st streets. Top of the Rock, a three-story observation deck, crowns the 70-story 30 Rockefeller Plaza that encompasses about 3 million square feet.
Baker Botts has 16 offices and 700 attorneys worldwide. Last month, a new office was opened in Rio de Janeiro. The firm provides a broad range of legal services, including within the areas of domestic and international corporate and financial matters.