In 2007, when the law firm of Orrick, Herrington & Sutcliffe began looking for a new location for its New York office, rents in a prestigious building that suited their tastes ranged from a pricey $120 to $140 a square foot.
What a difference two years and a massive global recession make.
Last week, in the largest Manhattan office lease so far this year, Orrick finalized a deal for 220,000 square feet in 'Black Rock,' headquarters of CBS Corp. at 51 W. 52nd St. The deal provided the law firm with a huge bargain over 2007 prices. Sources familiar with the deal said Orrick will pay monthly rent in the low- to mid-$70-a-square-foot range.
Wall Street Journal