New York City – Avison Young, the world’s fastest-growing commercial real estate services firm, today announced the completion of an approximately 57,000-square-foot (sf) new office lease on behalf of law firm Meister Seelig & Fein LLP at SL Green Realty Corp.’s 125 Park Avenue, located directly across from Grand Central Terminal in Manhattan.
The lease, which comprises the entirety of floors seven and eight at 125 Park Avenue, will accommodate the rapid growth of Meister Seelig & Fein’s New York City office. The firm currently occupies approximately 38,000 sf at 140 East 45th Street and will take occupancy of its new space at 125 Park Avenue in 2014 upon completion of its build-out.
“Our new office space allows us to maintain our presence in the desirable Grand Central neighborhood, where we have been located for 20 years, while providing us with the additional space we need to support our continued, extensive growth,” comments Mark Seelig, Managing Partner of Meister Seelig & Fein.
“SL Green’s first-rate stewardship of 125 Park Avenue was also a key factor in our decision to relocate to this exceptionally managed and maintained building as we position our firm strongly for the future,” adds Stephen Meister, Partner with Meister Seelig & Fein.
Avison Young Vice-President Jason Meister represented Meister Seelig & Fein in the transaction, along with Colliers International Vice Chairman Howard Grufferman. SL Green was represented in house by David Kaufman. Scott Newmark and Robin Topol of Meister Seelig & Fein served as in-house legal counsel for the deal, while Noah Shapiro and Lisa Greenbaum of Haynes and Boone LLP represented SL Green.
“In securing this new location two years in advance of Meister Seelig & Fein’s current lease expiration, we were able to lock in today’s market rates before their expected increase, while still enabling the firm to live out the remainder of its lease term,” notes Meister. “Additionally, the firm’s new space at 125 Park Avenue comes outfitted with significant build-out, as well as a sizable outdoor terrace on the 7th floor, affording additional value and a rare amenity.”
Known for its architecturally distinct façade and modern interiors, 125 Park Avenue features a contemporary lobby, high ceilings, updated building systems and a strategic location within steps of Grand Central Terminal and numerous subway lines.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.