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Holland & Knight's New York office will relocate uptown to slimmed-down quarters at 31 W. 52nd St. The 82,551-square-foot 15-year sublease, set to begin in January 2010, is for more than three floors directly leased by Clifford Chance.

Holland & Knight now occupies 105,000 square feet at 195 Broadway, where it has been located for 22 years. William J. Honan, an executive partner who practices in the litigation section and heads the firm's maritime practice group, said that the sublease at West 52nd Street will be for floors 11 through 13 and part of the second floor.

Holland & Knight was represented internally by senior counsel Rita C. Dattola and partner Martin P. Miner.

Rottenberg Lipman Rich attorneys Charles S. Rich and Eric R. Pfeffer represented Clifford Chance.

Mr. Honan said the firm's current lease will expire in April, and falling rents in midtown represented too much of a bargain to pass up. Cushman & Wakefield has reported that the average asking rent in the area is $66.82, down more than $10 from less than a year ago.

Mr. Honan said the layout of the pre-built interior space has been "reconfigured" to maximize efficiency for 101 attorneys and 95 staff members.

"We're reducing the space for library and file rooms. The reception room will be smaller. Attorneys' offices there will be about 20 percent smaller, and the corridor is five feet wide, and not six," he said.

"If it gets totally cramped we'll go to Clifford Chance and we'll work something out. Space is not going to constrict our growth. We're looking at this new office as a platform for growth," Mr. Honan said, adding that four new hires are expected in January.

Like most law firms, Holland & Knight has been affected by the economic downturn. According to The American Lawyer, it has laid off 70 attorneys. Last week, the firm announced that it would reduce associate salaries by an average 7 percent.

The term of the sublease will coincide with Clifford Chance's direct lease for more than 300,000 square feet. Kilpatrick Stockton also has subtenancy on the 14th floor, where the firm's trademark and copyright practice expanded onto the entire 25,000-square-foot space (NYLJ, April 8).

ImClone Systems is the first tenant to sign on at the Alexandria Center for Science and Technology at East River Science Park. The biotech company's 15-year, 91,000-square-foot lease will begin upon completion of the park's construction, which is expected by year's end.

Katharine Bachman, a partner at WilmerHale, represented the landlord, Alexandria Real Estate Equities.

Alan S. Weil, a partner at Sidley Austin represented the tenant.

The 3.7-acre, $700 million biological science complex is located along First Avenue between 28th and 30th streets. The park's building contains 310,000 square feet, and ImClone will occupy floors 10 through 14 in the middle of 2010. The campus will feature a state-of-the-art digital conference center, and space for research and development.

ImClone specializes in the development of products for the treatment of cancer. It plans to relocate its entire scientific and corporate headquarters from 180 Varick St.

According to ImClone's Web site, approximately 125 scientists from the company's research division will be housed along the East River, "with plans to add scientists in those areas that support expansion of the ImClone pipeline."

Eli Lilly and Company acquired ImClone last year for $6.5 billion (NYLJ, Oct. 9, 2008). ImClone's manufacturing, development and administrative operations will remain in New Jersey.

John S. Isaacs and Timothy Dempsey from CB Richard Ellis served as the brokers for the tenant.