Troutman Sanders, a law firm with a sizable real estate practice in New York, is relocating to Eastgate Realty’s 875 Third Avenue, where it will take more than 87,000 square feet, The Real Deal has learned. The law firm will take floors 15 through 17 in a 15-year deal at the 29-story tower, located between East 52nd and East 53rd streets. It will pay rents starting in the $50s per square foot, according to a source familiar with the deal.
The firm is moving from the Chrysler Building at 405 Lexington Avenue, where it occupies over 140,000 square feet, according to CoStar data. Representatives for Troutman Sanders, which has worked on megadeals such as the Bank of China’s $600 million loan to Joseph Chetrit for 550 Madison Avenue, declined to comment.
The landlord was represented by JLL’s Paul Glickman, Diana Biasotti and Harley Dalton, while CBRE’s Lewis Miller and Kenneth Rapp represented Troutman Sanders. Glickman declined to comment.
In January, Eastgate shelled out nearly $100 million to acquire the remaining stake in the tower from Miller Global Properties. The building’s major tenants include law firm Hogan Lovells and private equity firm Cerberus Capital Management. Troutman Sanders will take over space occupied by consulting company Towers Watson.