Union Investment’s 140 Broadway scored another lease from an office tenant looking to switch up its Financial District digs.
Law firm Lewis Brisbois Bisgaard & Smith signed a deal for 70,000 square feet at the property, the New York Business Journal reported. The lease was disclosed in a CBRE report, which noted the lease was the second-largest in Lower Manhattan in the third quarter.
Lewis Brisbois will occupy three floors and house more than 200 lawyers. One of the firm’s partners said the space would help the firm “meet our ever-increasing demand from new and existing clients,” adding that its proximity to the legal courts was a plus.
The asking rent for the lease was not disclosed, but the average asking rent from landlords in the Financial District is $61.99 per square foot, according to Avison Young.
Lewis Brisbois expects to make the move to 140 Broadway next year. It will be leaving 7 World Trade Center, where it had temporarily relocated.
The law firm previously occupied space at 77 Water Street, which the Vanbarton Group is converting into residential space. It’s at least the second company to wind its way from 77 Water to 140 Broadway, following in the footsteps of global sustainable development consultancy Arup, which signed a deal for nearly 100,000 square feet a few months ago.
At the time of Arup’s lease, there was still reportedly 300,000 square feet available at the 51-story, 1.25 million-square-foot property.
Tenants took 9.4 million square feet in the third quarter, a 2 percent gain from the second quarter and nearly 27 percent higher than the five-year quarterly average, according to a Colliers report. Leasing volume has already surpassed 30 million square feet for the entire year, surging past pre-pandemic levels and marking the strongest period of year-to-date demand since 2002.
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