NEWS
World Trade Center
99-98:FOR IMMEDIATE RELEASE, July 20, 1998
PORT AUTHORITY SIGNS MAJOR WORLD TRADE CENTER LEASE -- Prestigious Law Firm Expands Space, as Trade Center Leasing Soars
(Editors: Please note release date.) In one of the largest World Trade Center lease expansions of the year, Brown & Wood LLP today signed a 15-year lease renewal and expansion for five floors at One World Trade Center. The agreement was announced by Port Authority Executive Director Robert E. Boyle.
“We take great pleasure in continuing our excellent relationship with this illustrious law firm,” said Mr. Boyle. “We are delighted that they will continue to enjoy all the advantages of our landmark address, including state-of-the-art technology, unparalleled on-site services and excellent transportation access. This is the latest in a series of major lease signings that have brought our occupancy rate at the World Trade Center to more than 90 percent.”
Mr. Boyle said Brown & Wood signed a lease for approximately 223,100 square feet of space in One World Trade Center, an increase of approximately 57,600 square feet. The firm will occupy the entire 54th floor and the 56th through 59th floors.
Brown & Wood LLP is an international law firm of over 300 attorneys practicing in eight U.S. and international offices.
Acting as agent on behalf of Brown & Wood were LaSalle Partners Corporate & Financial Services, Inc., represented by Scott Gambler, Executive Vice President, and Peter C. Roberts, Managing Director. Acting on behalf of The Port Authority of New York and New Jersey were George Meyer, Manager of Office Leasing, and Cherrie Nanninga, Director of Real Estate.
Mr. Boyle said, “We have executed leases for 1.2 million square feet of space so far in 1998, and we are on course to match 1997’s record pace of leasing. Brown and Wood’s lease is one of our largest expansions this year, following the lease renewal and expansion of Keefe, Bruyette & Woods last month.”
Lee S. Saltzman, Partner of Brown & Wood, said, “By signing this lease agreement today, which extends our tenancy at One World Trade Center through the year 2012, Brown & Wood confirms its commitment to New York and looks forward to continuing our good relationship with The Port Authority of New York and New Jersey.”
Founded in New York in 1914, Brown & Wood has since become an acknowledged leader in providing legal services to participants in the world’s financial markets. The firm is engaged in a diverse and sophisticated practice with an emphasis on structuring complex financial transactions providing a broad variety of legal services, primarily to financial institutions and other business interests.
The World Trade Center houses a full spectrum of businesses and government agencies involved in international commerce, with 435 tenants from 26 countries. The 16-acre, seven-building complex, with approximately 12 million square feet of rentable office space and 70 stores and restaurants, has a daily population of 40,000 workers and more than 100,000 visitors and tourists.
end
