New York – August 24, 2006 –Darby & Darby P.C., a leading intellectual property law firm currently based in midtown Manhattan, has signed a deal to relocate its headquarters to the 41st and 42nd floors at 7 World Trade Center.
Today, Darby & Darby Managing Principal Andrew Baum and World Trade Center Developer Larry A. Silverstein announced that the firm has signed a 15-year lease with Silverstein Properties, Inc. for approximately 80,000 square feet in the 52-story tower. Based at 805 Third Avenue for the past 17 years, Darby & Darby will move its 200 New York employees to 7 WTC by spring of 2007.
Andrew Baum, Managing Principal of Darby & Darby said "Our move to 7 World Trade Center confirms, and allows us to expand upon, our status as one of the country’s and the world’s leading IP law firms."
Darby & Darby joins a growing list of organizations that are moving their headquarters to 7 World Trade Center, which opened in May 2006. In July, Mansueto Ventures – the publisher of Fast Company and Inc. magazines – signed a 40,000-square-foot lease for an entire floor of 7 WTC. Ameriprise Financial currently occupies the 39th floor and the New York Academy of Sciences will move into their new headquarters on the 40th floor this fall. Moody’s Investors Service, the financial rating agency, has also signed a letter of intent to lease 15 floors.
"Darby & Darby’s decision to move to 7 World Trade Center is yet another sign of the tremendous appeal of the Downtown commercial market," said Mr. Silverstein, President and CEO of Silverstein Properties, Inc. "We are delighted to welcome the firm to the building. With the Mansueto lease closed and with other exciting deals in the pipeline, we are well on our way to filling the first of the spectacular new office towers being built at the World Trade Center."
As one of the oldest and most respected intellectual property (IP) firms in the world, Darby & Darby has long been an important player in pioneering and precedent-setting IP matters. Founded in 1895, the firm’s scientific expertise extends into all areas of chemistry, biotechnology, engineering, electronics and computer science. Beyond extensive technical knowledge, Darby & Darby's great resources are the skill, vision and creativity of its lawyers who are committed to providing superior quality service.
"It is no surprise that a distinguished firm such as Darby & Darby would want to relocate to one of New York’s premier new office towers," said Simon Wasserberger of CB Richard Ellis, who handled the negotiations of the lease agreement with Roger A. Silverstein of Silverstein Properties. "Darby & Darby’s lease at 7 World Trade Center is indicative of the wide range of tenants – creative businesses, law firms, non-profits, as well as traditional financial services – who want to make their home Downtown."
Added Larry Silverstein, "We are in the midst of a downtown renaissance, thanks in part to the work of dedicated elected officials such as the Governor and the Mayor. In particular, Assembly Speaker Sheldon Silver devised an initial incentive package over a year ago to jumpstart office leasing throughout lower Manhattan. His efforts have now been proven successful."
Darby & Darby was represented by Moshe Sukenik and Mark S. Weiss of Newmark Knight Frank. According to Mr. Weiss, "The entire Silverstein team was exceptionally responsive and creative in structuring this transaction. They and CBRE did a terrific job."
The agency leasing team from CBRE Richard Ellis is led by Mary Ann Tighe, Chief Executive Officer of the firm’s New York Tri-State Region, and Stephen B. Siegel, Chairman, Global Brokerage.
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About Darby & Darby
Darby & Darby is a full-service intellectual property firm that has focused on patents, copyrights, trademarks and false advertising for over 110 years. As one of the oldest and largest intellectual property firms in the United States, with over 100 professionals, Darby & Darby has long been important in pioneering and precedent-setting IP matters. The firm’s attorneys, patent agents and technical advisors have distinguished academic credentials and hold advanced technical degrees in diverse specialties in all areas of biotechnology, chemistry, engineering, electronics and computer science. Darby & Darby’s greatest resources are the skill, vision and creativity of its professionals, who are dedicated to providing superior legal services in litigation matters, due diligence projects, licensing transactions and prosecution in all technical disciplines.
Darby & Darby has offices in New York, Seattle, Washington, D.C. and Frankfurt, Germany. For more information, visit www.darbylaw.com.
About Silverstein Properties
Silverstein Properties is a Manhattan-based real estate development and investment firm that has developed, owned and managed more than twenty million square feet of office, residential and retail space. In July 2001, Silverstein completed the largest real estate transaction in New York history by acquiring the 10 million sq. ft. World Trade Center, only to see it destroyed by terrorist attacks six weeks later on September 11, 2001. Silverstein has committed to the redevelopment of the World Trade Center site.
On May 23, 2006, Silverstein Properties opened 7 World Trade Center, a 52-story, 1.7 million square foot office tower, at 250 Greenwich Street, just north of the World Trade Center site. In April, 2006, Silverstein Properties started work on the Freedom Tower. For more information, visit www.wtc.com.
About CB Richard Ellis
CB Richard Ellis (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world. For more information, visit www.cbre.com
Contact: Monica M. Coleman 212.527.7624