BXP has a new tenant at 200 Fifth Avenue.
Law firm Goodwin Procter inked a 250,000-square-foot 20-year lease at the Flatiron District building. The firm will occupy the full floors two through five, with options to expand its footprint, according to a press release from the landlord. BXP declined to disclose the asking rent.
Cushman & Wakefield’s Mark Weiss represented Goodwin. A Cushman team including Bruce Mosler and Ethan Silverstein represented BXP. Goodwin will relocate from the New York Times Building at 620 Eighth Avenue in late 2026.
JPMorgan Global Alternatives is the majority owner of the 14-story building. BXP purchased a 27 percent minority stake in 2022 for $280 million, assuming responsibility for leasing services and property management.
Other tenants include DoorDash, Grey Advertising and Tiffany & Company, which agreed to a 10-year extension in 2022 while shedding nearly a third of its footprint. Eataly, meanwhile, occupies the ground-floor retail space. The building is almost 90 percent occupied, according to the landlord.
Prior to BXP’s arrival, the landlords of the 870,000-square-foot property completed $135 million in capital upgrades at the 1909 building.
L&L acquired the building, once known as the International Toy Center, in 2007 alongside Lehman Brothers for $480 million. JPMorgan swooped in to acquire Lehman’s stake four years later.
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