Kasowitz, Benson, Torres & Friedman has signed a new 20-year lease with Paramount Group Inc. for its New York City headquarters at 1633 Broadway.
The firm, whose primary focus is on complex commercial litigation, has been a tenant at the 48-story Midtown building, between West 50th and 51st streets, since 2000. The renewal lease begins in 2015.
The firm considered relocating its headquarters, and its largest office, "to several other buildings around town," including Hudson Yards and 250 W. 55th St., said partner Adam Endick. In its decision to renew at 1633 Broadway, the firm is embarking on an intricate floor-by-floor restacking process that involves a complete office reconstruction and technical renovations.
There should be "very little disruption" to the firm's operations even with the extensive renovations, Endick said.
The firm now leases about 250,000 square feet on the 20th through 24th floors. As a result of the stacking process, the firm will have about 225,000 square feet on the 19th through 23rd floors.
In addition to Endick, partners Wallace Schwartz and Mitchell Schrage and associate Tyler Vinal, pending admittance to the bar, represented the firm.
Paramount was represented by Bernard Marasco, vice president of leasing and in-house counsel.
The terms of the lease were undisclosed. The average asking rate is reportedly about $64 per square foot.
The leasing teams and TPG Architecture did an "impressive job of working under enormous time constraints," said Endick. They designed a customized workspace and a technologically advanced infrastructure, he said.
In addition to the reconstruction, a new entrance and lobby with new lighting and ceilings were included in Paramount's multimillion dollar renovation of 1633 Broadway, completed in 2012.