Article: Downtown contract for big law firm; Sullivan & Cromwell expands to Water St.; phone seller makes NY connection.(Real Estate)

One of New York City's largest law firms has expanded its offices in lower Manhattan. Sullivan & Cromwell, which handled nearly $763 billion worth of merger and acquisition deals in 2006, has signed a 20-year lease for 67,000 square feet, or the entire 51st floor, at 55 Water St. The asking rent at the building, between Old Slip and Broad Street, is $50 a square foot.

Sullivan & Cromwell's headquarters is one block away at 125 Broad St., between Water and South streets, where the firm owns over 500,000 square feet--including two and a half floors of expansion space.

"We have space to expand here, but we loved the large floorplates at 55 Water St., and ...

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