Byrnam Wood

Carter Ledyard & Milburn LLP

Carter Ledyard occupied 95,000 square feet in 2 Wall Street - representing more than half of the building. They faced a rent increase as their lease neared expiration — and they needed additional space. We were chosen to represent them on the much-sought-after assignment to deal with their requirements.

The client liked their existing space, although it needed work, and they wanted to avoid the expense and disruption of a move. If they were able to stay, a key goal was to minimize the installation costs. We studied the market and, especially, the importance of this tenant to the owner, for whom the cost and difficulties of re-renting would be huge. By carefully analyzing the potential terms of a new lease from the landlord's point of view, we were able to craft a highly satisfactory transaction including the requisite additional floor. The new long-term lease -- with flexibility to terminate, renew, shrink and expand -- also provided capital improvements to the existing space and cash for a new installation on the added floor, at very favorable terms compared with market.

We continue to advise the firm on real estate matters, including negotiations for its midtown conference center at 570 Lexington Avenue.

Our Clients:

• Carter Ledyard & Milburn LLP
• Day Pitney LLP
• Dewey Leboeuf LLP
• The New York Times
• Nike, Inc
• The Northwestern Mutual Life Insurance Company
• The Partnership for a Drug-Free America
• Publicis Groupe
• Ruder Finn, Inc.
• Wilmer Cutler Pickering Hale and Dorr LLP
• World Trade Center / Litigation Resulting from 9/11 Attack