Textile Building Hires Major Law Firm as First Tenant After $350 Million Renovation
The thunderous procession of year-end commercial leasing that we predicted a few weeks ago is underway in earnest.
In Midtown South’s largest location in 2023, global litigation firm Quinn Emanuel Urquhart & Sullivan signed for 132,000 square feet at 295 Fifth Ave.
The law firm is moving from 51 Madison Ave., where it had about the same amount of space.
Known as the Textile Building for its former garment manufacturing function, 295 Fifth Ave. occupies the entire east facade between West 30th and 31st Streets.
Owners Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners spent $350 million to redevelop the 700,000-square-foot, century-old property for 21st-century use. Quinn Emanuel is the first tenant to sign up since the repositioning.
The new version overseen by Studios Architecture includes a new two-story penthouse, a first-floor patio, several terraces and hospitality-focused amenities.
Realty Check previously reported that asking rents would range from $95 per square foot on the base to $135 psf on the penthouse.
The law firm will have floors 8-10 in what is now a 19-story building.
TIG Principal Elliott Ingerman called 295 Fifth “a special asset” positioned for long-term success. Quinn Emanuel New York managing partners Andrew Rossman and Jennifer Barrett called it in a statement “a stunning redevelopment of a historic building in the thriving Nomad Nabe that has long been our professional home.”
The firm has more than 300 lawyers in the city.
Mary Ann Tighe, part of CBRE’s landlord leasing team, said the deal “affirms a broader trend in Midtown South. As technology companies reduce their leases, the gap is being filled by traditional industries that realize that upgraded buildings bolster their efforts to attract and retain talent.”
Lewis Miller, Greg Maurer-Hollaender and Cara Chayet of CBRE represented the tenant. CBRE’s ownership team included Tighe, David Hollander and Peter Turchin.
The deal comes just days after we reported that Spanish financial firm BBVA acquired 75,000 square feet at Two Manhattan West, nearly doubling its previous presence on Sixth Avenue.
