THE law firm of Gibson Dunn & Crutcher has finally signed a renewal lease for about 190,000 square feet and added about 70,000 feet for expansion at the MetLife Building, bringing its total to 262,000 feet.

The Tishman Speyer-owned jumbo tower at 200 Park Ave. had a series of elaborate expansion rights belonging to other tenants that earlier prevented Gibson Dunn from expanding.

Last week, some reports teased the renewal, but it had not yet been signed.

In 2008, the firm signed a lease for 215,000 feet at over $100 a foot at Boston Properties’ now-suspended office project at Eighth Avenue and West 55th Street. The real estate company is a Gibson Dunn client.

Then in February, Boston Properties’ other law firm, Proskauer Rose couldn’t come to terms on a deal to become the 850,000-foot building’s anchor tenant with 400,000-plus feet, killing the project.

Sources say Proskauer is weighing options that include remaining at the JPMorgan Chased-owed 1285 Broadway or getting a “kiss goodbye” from JPMorgan in the form of a cash buyout that would allow it to pursue other choices like SJP Properties’ empty 11 Times Square.

Once the Boston Properties tower project died, Tishman Speyer’s Steven Wechsler, Calvin Farley and Megan Sheenhan worked to retain Gibson Dunn by getting other 200 Park tenants to waive expansion rights.

Wechsler said two tenants will relocate within the building so that Gibson will be able to take over floors 33 and 46, the latter of which is contiguous with the existing space Gibson Dunn has on floors 47 through 50.

Though he declined to provide financial details on the lease, Wechsler noted that asking rents in the building range from $70 to $90 a foot, and that while Gibson’s starting rent will be within that range, it will rise over its 20-year term.

“They wanted the ability to lock in the rates and where they would be [located]. They have other expansion rights down the road,” he added.

Gibson’s brokerage team at CB Richard Ellis, Lewis Miller and Andrew Sussman, coincidentally work out of the MetLife Building.


There’s good news on the new empty building front as LCOR’s reinvented 545 Madison Avenue just signed two deals.

For the first, Home Shopping Network, which was spun off from Barry Diller‘s IAC, has taken the entire 18th floor along with the penthouse and a deck.

The asking rent on the 7,114-foot, seven-year deal was $75 a foot.

Before the market tanked a year ago, David Sigman of LCOR said the asking rent for the top of the building was $150 a foot.

CBRE’s William Iacovelli repped HSN, which will move from the IAC Building at 555 W. 18th St. next April.

The second deal for five years was signed with Siemens Enterprise Commu nications for 5,100 feet, representing part of the eighth floor, which will be used for a sales office.

That asking rent was also $75 a foot.

Derek Myers of Newmark Knight Frank represented Siemens.

LCOR in both transactions was represented by the Jones Lang LaSalle team of Lisa Kiell, Frank Doyle, David Kleiner and Andrew Flint. [email protected]