International law firm Cahill Gordon Reindel has renewed its lease for 250,000 sq. ft. in 80 Pine St. in Lower Manhattan. through 2020. The law firm has occupied the space in the 1 million sq. ft. building, located less than a quarter-mile east of the World Trade Center site, since 1963.
"The good news for Lower Manhattan keeps coming," says Andrew Alper, president of the New York City Economic Development Corp. "I am pleased that by working closely with the state, we have been able to help Cahill Gordon join other companies that have recommitted to Downtown."
The firm was awarded a Job Creation and Retention Program grant by the city and state government of New York. Sixty-two other companies have also received grants from the program, among them Dow Jones & Co. and DeLoitte Touche.
"Our firm was one of the first tenants at 80 Pine St.," says Immanuel Kohn, executive committee chairman of the law firm. "We are pleased that we will continue as a downtown law firm with the [building owner] Rudin family well into this century."
Cahill Gordon has a total of 60 partners and 240 lawyers. Over 500 employees work pout of its Pine Street office location.
The lease renewal comes at an apropos time for lower Manhattan, where roughly 17 million sq. ft. of office space is vacant. At 80 Pine St., however, the vacancy rate is a tight 1%.