Shapses, Schwartzenberg, Providenti and Edwards of Studley lease 60,000 s/f

Law firm Lester Schwab Katz & Dwyer LLP has restructured its 60,000 s/f lease for the 38th and 39th floors of 120 Bdwy. three years in advance of lease expiration, and extended the term until July 2019. International commercial real estate services firm Studley's Marc Shapses, executive managing director, with a team that included Jason Schwartzenberg, managing director; David Providenti, corporate managing director; and project manager Frank Edwards, corporate managing director, represented LSK&D. The landlord, Silverstein Properties, was represented in-house by Roger Silverstein. "No matter what type of real estate market we are in, tenants should always approach their real estate with a long-term strategy like Lester Schwab Katz & Dwyer has," said Shapses. "Continually evaluating your occupancy scenario, even years prior to lease expiration, provides tenants with the information to make the most informed real estate decisions." "In the case of Lester Schwab Katz & Dwyer, a long-term client, the stay-put scenario at 120 Bdwy., where the firm has been located for 27 years, provided the law firm with competitive rental rate for another 12 years, while eliminating the costly expense of moving to and building out new offices—two costs that have skyrocketed over the last couple of years." Shapses team also secured a work letter for capital improvements to the space. Asking rents in the building are $40 to $45 per s/f. "Marc helped us evaluate the stay-put option versus moving and remaining at 120 Bdwy. was clearly the most fiscally beneficial for the firm," said, Mike McDonagh, the law firm's managing partner, who added that the firm has enjoyed being in the building since 1990. Robert Cohen, Esq., member of Weinstein, Kaplan & Cohen, P.C. represented Lester Schwab, while Jonathan Bright, Esq. and Jeffrey Samuels of Siller Wilk, LLP acted on behalf of Silverstein Properties.