Law Firms Drive Leasing

`Tis no secret by now that law firms are driving office leasing in major markets such as New York, Washington, San Francisco and Miami. Further proof comes in the form of an expansion in Midtown Manhattan. Also for today: A popular gambling site buys a Beverly Hills office building for a lot of money — even for the L.A. area.

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— Tom Acitelli, Deputy Editor

Law Firm Smith Gambrell Relocates and Grows at 1301 Avenue of the Americas

After a decade at 1301 Avenue of the Americas, law firm Smith Gambrell & Russell is relocating and expanding within the building. The corporate firm leased 41,000 square feet for 10 years on the entire 15th floor of the 45-story Midtown property. Asking rent in the 1.7 million-square-foot tower between West 52nd and West 53rd streets was $84 per square foot, Bisnow reported. Smith Gambrell first landed in the building in 2014, taking 29,499 square feet on the entire 21st floor, Commercial Observer reported at the time. Other tenants in the 1960s-era skyscraper include law firm O’Melveny & Myers, which took 150,000 square feet in 2022.

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FanDuel Pays $1,410 a Foot for New Beverly Hills Office: Sources

Talk about betting the spread. Popular gambling platform FanDuel has acquired a new office development in Beverly Hills, sources told Commercial Observer. Skanska USA sold the 50,200-square-foot structure it built on Wilshire Boulevard for $71 million. That equals more than $1,410 per square foot, which is more than four times the average office sale price in Southern California. Commercial Property Executive reported the sale in December, citing data from CommercialEdge, but did not disclose the name of the buyer, other than to say “a Europe-based company” acquired the asset. Ireland-based Flutter Entertainment owns FanDuel.

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