The law firm Cravath Swaine & Moore is preparing to move south — from West 50th Street to the mid-section of Two Manhattan West at West 30th St. — in a deal for about 350,000 square feet.
Multiple sources now tell The Post, “[Brookfield] just shook hands with Cravath.”
The legal eagles signed a term sheet a month ago, sources said.
The Post’s Steve Cuozzo predicted such a move from the law firm’s 617,000 square feet at Worldwide Plaza back in February.
The apparent downsizing is also in keeping with companies competing for talent by creating more open-plan, modern, collaborative offices that simply use fewer square feet. The sizes of private and partner offices are also typically slashed.
Cravath is represented by CBRE, and Brookfield by Cushman & Wakefield. The real estate companies declined to comment and Cravath did not return a call for comment.
The attorneys pioneered a move to Worldwide Plaza at 825 Eighth Ave. between West 49th and 50th streets when the firm signed a lease for the new building in July 1988. At that time, heading to that far West Side locale was more about hookups than attracting clients.
Nevertheless, as the area improved, the firm renewed in 2007 for 706,055 square feet just as the building was being marketed for sale by Harry Macklowe lender Deutsche Bank.
A few flips later, it is owned by RXR, SL Green and New York REIT. The latter is supposed to be winding down and selling its stake. But if its own shareholders don’t force that sale, to get its desired pricing, it may wait and replace Cravath with a new tenant first.
