Studley Brokers New Lease for Herzfeld & Rubin In Manhattan
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Studley, a tenant representative brokerage based in New York, recently secured one and a half floors of space in the 125 Broad Street building in downtown Manhattan for law firm Herzfeld & Rubin P.C.
Herzfeld & Rubin grew from a single-floor tenant at 40 Wall Street to occupying seven floors — 50 through 56. At 125 Broad Street, owned by Mack-Cali Corp., the firm will occupy comparable square footage to the Wall Street quarters it is vacating, but on one and half floors connected with an internal staircase rather than seven.
“We were waiting for the right time to strike,” said Marc Shapses of Studley, which represented Herzfeld & Rubin in the transaction. “We were hired in 2005 to find a more cost-effective, efficient occupancy solution for the firm, and periodically went out into the market looking for space. The market went through extraordinary price and availability changes in that period. The right situation with the right economics hadn’t surfaced until now.”
Though the existing high-end build-out seemed well suited to Herzfeld & Rubin’s needs, Studley negotiated a work letter into the lease that will cover 100% of the modifications that the law firm will require in the new space.
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