Thompson, a boutique law firm focused on mergers and acquisitions, tax transactions, and intellectual property work, has signed a five-year lease for 4,000 square feet at 622 Third Avenue in Manhattan. The firm relocates to the 16th floor of the building, which is owned and operated by Cohen Brothers.
The move reflects a broader trend in Manhattan's commercial real estate market. Law firms continue to adjust their footprints as they balance in-office mandates with flexible work arrangements. A 4,000-square-foot space suggests Thompson operates as a lean operation, likely housing between 15 and 25 attorneys and support staff depending on space allocation standards.
622 Third Avenue sits in Midtown Manhattan's core office corridor, stretching along the east side of Third Avenue in the 40s. The location places Thompson near Grand Central Terminal, major transit hubs, and proximity to financial services firms and corporate headquarters that typically generate M&A, tax, and IP work. This geographic positioning matters for client meetings and deal-making activity.
Cohen Brothers has held the property for decades and maintains it as a stabilized income-producing asset. The landlord has attracted tenants across legal services, consulting, and professional services sectors. The lease agreement with Thompson adds to the building's tenant roster and provides steady revenue under a five-year term.
For Thompson specifically, the relocation accomplishes several objectives. The firm secures office space in a recognizable Midtown address without committing to a long-term expansion. Five years allows flexibility to reassess space needs as the firm grows or contracts with market conditions. The 16th-floor location offers visibility and accessibility for clients traveling to meetings in Midtown Manhattan.
Lease economics at 622 Third Avenue reflect current Midtown market conditions. Class B office space in the area typically ranges from $45 to $65 per square foot annually, depending on lease term length, tenant quality, and specific floor location. A five-year lease generally commands lower rates than shorter one or two-year terms. Thompson's deal likely falls in the $50 to $60 per square foot range, translating to annual rent between $200,000 and $240,000.
The transaction underscores how mid-sized professional services firms continue anchoring themselves in traditional Manhattan office locations despite ongoing remote work trends. Law firms cannot conduct complex client negotiations via video calls alone. Partner visibility matters for client relationships. Satellite offices work for certain practice areas, but transactional work like M&A demands in-person collaboration and secure conference facilities.
For Cohen Brothers, landing a creditworthy tenant like an established law firm provides lease stability. Professional services tenants typically maintain consistent occupancy and renewal patterns. They commit to longer terms and negotiate thoughtfully rather than exit quickly. This contrasts with some sectors that downsized aggressively post-2020.
Thompson's expansion into dedicated Midtown space also signals confidence in New York legal market conditions and continued deal flow in their practice areas. M&A activity and tax transaction demand remain strong despite economic volatility.