We’re thrilled to announce our office expansion in New York!
NEW YORK BUSINESS JOURNAL
By Kevin Smith | Apr 8, 2024
Coffey Modica has subleased a 4,000-square-foot office at 61 Broadway, a 33-story office building known as the Adams Express Building RXR, COFFEY MODICA, AVISON YOUNG
Just two-and-a-half year after its founding, law firm Coffey Modica LLP has tripled its New York City footprint.
The defense litigation firm has subleased a 4,000-square-foot office from the Chicago Board Options Exchange at 61 Broadway, a 33-story office building known as the Adams Express Building.
Coffey Modica’s new office replaces a smaller space the firm had previously leased in the same building and offers seven private windowed offices, nine workstations, a conference room and a reception area, as well as areas for a server room and legal case file preparation.
The law firm has already taken possession of the space and will sublease through November 2025.
“In a little over two-and-a-half years since our founding, Coffey Modica has experienced excellent growth in several of our firm’s business and practice areas, resulting in an increase to our client bases in Manhattan and New Jersey,” Robert Modica, a founding partner at the law firm, said in a statement. “Having an increased presence close to the major courthouses in Lower Manhattan has become a growing need for our attorneys and the clients we serve.”
Coffey Modica has eight offices across New York, New Jersey, Connecticut and Philadelphia.
“The central location of this building is key to our strategic vision of further facilitating trial strategy through aligning our physical offices to the geographic needs of both our clients throughout New York and New Jersey and our employees,” Modica added. “For this reason, we wanted to stay in this building and hope to remain here as we further expand in the future.”
Marty Cottingham and Alexis Odgers at Avison Young brokered the sublease deal on behalf of Coffey Modica.
RXR owns and operates 61 Broadway, a 750,000-square-foot office building that shows about 295,000 square feet of office availabilities across more than 20 listings at the property.
The asking price for Modica’s sublease was not disclosed. Data from Avison Young’s Q1 2024 report shows that the Financial District is seeing average asking rents at $67.11 per square foot, which is about $0.54 less than the average asking price for offices throughout other parts of Downtown Manhattan.
The sublease comes as office availability in Manhattan has reached record highs while law firms tripled their office leasing activity from 2022 to 2023.