Tuesday, May 06, 2008

Is a law firm moving to Ratner's MetroTech? Not quite

A report in the Brooklyn Paper today, headlined Manhattan firm to Brooklyn, indicates that the international law firm Weil, Gotshal & Manges is moving to Forest City Ratner's MetroTech:
Forest City Ratner Vice President Mary Anne Gilmartin made the announcement at the Brooklyn Real Estate Roundtable on Tuesday that the 500-lawyer white shoe firm would soon relocate to Metrotech.

“It’s a paragon shift from back-office to more-discerning tenants,” she said.


[Note: the word "paradigm" sounds more likely, but I wasn't there.]

Really? A press release from the law firm states:
[The firm] will expand from its New York City headquarters by opening a new office in Downtown Brooklyn's MetroTech Center... The office will house several of the firm's staff groups, including employees in Information Systems, Finance and Operations.

(See updated and corrected Brooklyn Paper article and my comment on their web site.)

How many square feet?

The press release states that the firm will lease 35,000 square feet of space. That's only ten percent of the amount of space the firm has in Manhattan.

As Real Estate Weekly reported in 1996, the firm renewed its lease for 350,000 square feet of office space, occupying approximately 11 floors in the General Motors building located at 767 Fifth Avenue. The new, 21-year lease term will commence in 1998...

1 comment:

  1. Anonymous8:30 PM

    Wow, the head of Weil's real estate group is either a horribly clueless lawyer or is living in the same SATC Manhattan-centric dreamworld where subway maps don't exist.

    "Rosen emphasizes that Weil's current Manhattan lease on 500,000 square feet of space in The General Motors Building isn't set to expire until 2019 and the firm has no plans to leave that location. But MetroTech's proximity--"It's only three or four subway stops away," Rosen says--convinced the firm to sign a 12-year lease."
    http://amlawdaily.typepad.com/amlawdaily/2008/05/a-law-firm-weil.html

    Three or four? Try 15 on the R from 5th Av/59th St to Lawrence/MetroTech, genius.

    ReplyDelete