Cadwalader hits the jackpot in NY office sale

Cadwalader Wickersham & Taft has offloaded its New York headquarters and trousered $57m in the process.

The firm has sold its 100 Maiden Lane office in downtown New York to Maiden Lane Properties which is aiming to turn the 82-year old building into a residential space.

Cadwalader is moving to a 450,000 sq ft space at One World Financial Center.

Because the multi-million profit making law firm has opted to stay downtown, it has been awarded $5.3m, $1m over 15 years towards energy costs and possibly another $3.2m if it adds 400 jobs over the next five years as part of the Job Creation and Retention Program.

Previous estimates had placed the value of 100 Maiden Lane at up to $75m, roughly equivalent to the projected cost of the move.

It is expected that Cadwalader will move into its new office, which was formally leased by one of its key clients Lehman Brothers, by the first quarter of 2005.