Case Study

Holwell Shuster & Goldberg LLP

Legal

Law Firm Holwell Shuster & Goldberg LLP Finds Room to Grow in Midtown

CHALLENGE

Holwell Shuster & Goldberg LLP is a litigation boutique specializing in complex commercial cases, with a focus on sophisticated financial, securities, antitrust, intellectual property and bankruptcy-related disputes. HSG was founded in 2012 by the Hon. Richard J. Holwell, a highly respected federal judge in New York’s Southern District, with Daniel Goldberg, Michael Shuster and Dorit Ungar Black.

SITUATION

The New York Savills team recognized early on that other law firms across the city were consolidating their real estate footprints to smaller, more efficient layouts. Leveraging its extensive contacts in the legal industry, the team quickly located another firm, Simpson Thacher & Bartlett LLP, that was ready to make a few floors available for long-term sublease at 425 Lexington Ave. HSG partners toured the available floors the next day.

RESULTS

Savills secured a favorable rent with a substantial concession package in an off-market transaction. HSG signed a 16-year sublease for 59,750 sf at the trophy building directly across from Grand Central Terminal. The space on the 12th, 13th and 14th floors nearly doubles HSG’s footprint. The firm is only the third tenant in the 31-story property between 43rd and 44th Streets. It was built in 1987 and has been fully leased by Canadian Imperial Bank of Commerce and Simpson Thacher since it opened.