New York, NY – September 13, 2018 – Cushman & Wakefield announced today that the real estate services firm has executed a long-term lease renewal at 120 Broadway on behalf of law firm Emmet, Marvin & Martin, LLP.
A Cushman & Wakefield team consisting of Executive Vice Chairman Robert Lowe, Executive Managing Director Michael Norris and Director Nicholas Dysenchuk represented the tenant in the transaction.
“A tenant since 1991, this renewal maintains Emmet, Marvin & Martin’s longstanding presence at 120 Broadway,” said Michael Norris of Cushman & Wakefield. “The space will undergo a full renovation, modernizing their classic law firm space and further strengthening the efficiency of the partnership.”
Founded by Thomas Addis Emmet in 1805, Emmet, Marvin & Martin is one of the oldest law firms in continuous existence in the United States. 120 Broadway, the landmark Equitable Building, is located on the very site of Thomas Addis Emmet’s first law office. Brian D. Obergfell, Chairman of Emmet Marvin & Martin, notes the firm “is pleased to continue its 30 year relationship with Silverstein Properties and is grateful for the cooperation provided by Roger Silverstein in completing this transaction.”
Emmet Marvin & Martin, LLP will maintain 53,000 square-feet of space at the property, occupying the entire 32nd floor, for their law office. Regarded as Downtown Manhattan’s first emblem of power and stature, 120 Broadway is a New York icon known for its grand lobby, soaring ceilings, and elegant entrance. At over 100 years old, 120 Broadway is undergoing a substantial capital improvement program to reinvigorate these features, returning them to their original 1915 design. Upgrades include the addition of a tenant exclusive rooftop terrace, tenant lounge and café, bike storage with locker room and showers, and additional renovations. The result will celebrate the building’s rich history and restore its distinct architecture, while offering all the modern conveniences and amenities of a 21st century workplace.
Silverstein Properties, a full-service, New York-based real estate development, investment and management firm, acquired 120 Broadway in 1981. Last year, the firm deployed a $50 million capital improvements campaign, engaging internationally renowned architecture firm Beyer Blinder Belle to oversee the building’s interior and exterior renovations. Roger Silverstein, Executive Vice President, and Joseph Artusa, Senior Vice President at Silverstein Properties, represented the landlord in the deal.
“The Equitable Building is one of New York City’s most esteemed office buildings, literally altering the Lower Manhattan skyline and shaping urban development throughout the city since it’s completion,” says Artusa. “As a tenant at 120 Broadway for over two decades, we look forward to maintaining our relationship with Emmet, Marvin & Martin LLP as they continue to conduct business here.”
Spanning a full city block bordered by Broadway, Nassau, Pine and Cedar Streets, 120 Broadway features convenient access to shopping, dining and transportation options at the new Fulton Transit Center and the WTC Transportation Hub. The property’s diverse roster of tenants includes American Lawyer Media, Beyer Blinder Belle, SIFMA, Strategies for Wealth and the Alliance for Downtown New York.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Silverstein Properties
Silverstein Properties, Inc. (SPI) is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. SPI has developed, owned and managed more than 40 million square feet (3.25 million square meters) of commercial, residential and retail space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013) and the Four Seasons Downtown (2016) and 3 World Trade Center (2018).
Currently, the firm has $10 billion of development underway including One West End and 2 and 3 World Trade Center. In addition, Silverstein Properties is focused on joint ventures for development and acquisitions in Europe and Israel. The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row. For further information, visit www.silversteinproperties.com.