Law Firm Moving to 810 Seventh Avenue After Nabbing 12 Months of Free Rent
Law firm Ballon Stoll Bader & Nadler moved blocks away to 810 Seventh Avenue after securing a deal that included 12 months of free rent, its brokers said.
The firm signed an 11-year lease for 6,000 square feet at SL Green Realty Corp.’s building between West 52nd and West 52rd streets, according to tenant brokers Cresa. The asking rent was $65 a square foot.
BSB&N currently has its offices nearby at 729 Seventh Avenue and, after touring several sublease and direct spaces, decided on 810 Seventh. The firm has already started to move into its new digs.
“There were a lot of attractive deals in the market, but the building and particular space we selected are top-notch,” Vano Haroutunian, a partner at the law firm, said in a statement.
The coronavirus pandemic tanked leasing activity in the city last year, but firms on the hunt for new space have been able to secure cheaper rents, shorter leases and months of free rent to incentivize them to sign deals.
“We were able to negotiate excellent terms for our client, which was a key factor in their decision to relocate,” Cresa’s Nicholas Markel said in a statement. “In addition, we were working with a preeminent landlord and leasing team open to having this highly-esteemed, credit-worthy tenant in their building.”
Markel and colleague Peter Sabesan represented the law firm in the deal. SL Green’s Jeremy Bier handled it in-house along with Barry Zeller of Cushman & Wakefield. A spokesman for SL Green declined to comment and a C&W spokesman did not immediately provide a comment.
Other tenants in SL Green’s 41-story 810 Seventh include TV station conglomerate Ion Media, consulting firm Berkeley Research Group, and wealth manager TAG Associates.