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Akin Gump Strauss Hauer & Feld has signed on for new office space in downtown New York, setting a new Manhattan record for rent and giving the firm an annual rent bill of more than $20m.
Akin Gump has taken 203,000 square feet in the Bank of America tower at Sixth Avenune and 42nd Street. The 51-storey skyscraper is currently under construction and is due to open in 2008.
The firm has set a New York rent landmark for the size of office block by agreeing to pay more than $100 per square foot .
Akin Gump’s New York office, currently based at 590 Madison Avenue, is the firm’s second largest with 54 partners and 79 other attorneys.
The firm is understood to have secured floors 41 to 46 in the 51-storey tower.
The largest tenant, and equity development partner, Bank of America has taken floors 2 to 36 and 51, is understood to have a square foot rent similar to Akin Gump, but in effect will be paying rent to itself.