Goldberg Segalla will be moving its New York City office to SL Green Corp.'s 600 Lexington Ave. The Buffalo-based law firm has signed a five-year lease for 12,487 square feet, more than double the size of its current space at 780 Third Ave. By January, the firm will be housed on the ninth floor of the 36-story, class-A, Lexington Avenue tower, at East 52nd Street.
Goldberg Segalla has been a tenant at 780 Third Ave. since August 2012 and, with two years left on its lease, has subleased 5,000 square feet to Dawson James Securities.
Richard Cohen, managing partner at Goldberg Segalla, said the firm is one of the fastest growing in the United States. Cohen, who splits his time between New York City and Buffalo, said the current location did not "accommodate our vision for future growth in Manhattan."
Bruce Hoover, of counsel at Goldberg Segalla in Buffalo, represented the firm.
David Brooks, a partner at Paul Hastings, represented SL Green.
Bruce Rosetto and Marcia Langley, Greenberg Traurig shareholders in Boca Raton, Fla., represented Dawson.
A distinctive feature of the Lexington Avenue space was that it contained "an existing law firm installation," according to a news release by Newmark Grubb Knight Frank. The real estate group assisted the firm in its expansion and relocation.
The space at 600 Lexington Ave. was formerly leased to now-defunct Gersten Savage. Some of the space was later subleased to Grant & Applebaum. Litigation over the terms of the sublease were settled earlier this year.
Another advantage for Goldberg Segalla is that the rate per square foot is lower than what it now pays, Cohen said. The asking rate for space on the ninth floor is $65 per square feet and the new lease contains options to expand. In excess of $5 million has been spent on capital improvements, including lobby and plaza enhancements, according to SL Green's website.
Founded in 2001, Goldberg Segalla, has offices in 11 cities, including London, and has an overall total of 170 attorneys. In the metro area, including New York City, Garden City and Westchester County, the firm has a combined total of about 60 attorneys, including about 20 lawyers resident in Manhattan. Last year, the firm hired seven new attorneys for the New York office as well as expanded its Garden City office.