Paul Weiss NYC Move Is Largest Commercial Lease in US This Year

Paul, Weiss, Rifkind, Wharton & Garrison signed the largest commercial lease in the US this year and is moving its office in Midtown Manhattan.

The New York-founded firm signed a 20-year lease for 765,000 square feet across 18 floors at 1345 Avenue of the Americas, the firm announced on Thursday. The firm is moving from its home at 1285 Avenue of the Americas, where it resided for nearly 30 years. Its lease was set to expire in 2026.

The move caps off a busy year for law firms in New York City, where they have been the most active lessors along with the financial sector. A report by Savills found that 42.6% of leases signed by law firms through the third quarter of 2023 were expansions, up from 28.5% in 2022, indicating the firms are growing.

Davis Polk & Wardwell’s commitment to more than 700,000 square feet at 450 Lexington Ave., Paul Hastings’ renewal and expansion to 277,000 square feet at 200 Park Avenue and Wachtell, Lipton, Rosen & Katz’s renewal of nearly 260,000 square feet at 51 West 52nd St. marked the other two biggest office transactions in Manhattan this year.

Paul Weiss chairman Brad Karp in a statement cited the new location’s “high-tech features, thoughtful meeting spaces and artistic elements.”