In the late 1980s, the prestigious law firm Cravath, Swaine & Moore made a significant move from its long-standing Wall Street address to a brand-new location at One Worldwide Plaza. This move, however, came with an unusual stipulation that highlights the law firm’s influence and the lengths to which developers might go to secure high-profile tenants.

When Cravath agreed to relocate to One Worldwide Plaza, a striking new development on the west side of Midtown Manhattan, the lease included a peculiar condition: the developer was required to purchase and then demolish a nearby business. This requirement was not merely a caprice but a strategic move, possibly aimed at shaping the neighborhood or eliminating undesirable elements close to the firm’s new plush headquarters.

The specifics of which business was demolished remain shrouded in the kind of confidentiality typical of high-stakes real estate deals. However, this move illustrates the power dynamics often at play in major urban developments, where the arrival of prestigious tenants like a top law firm can transform an area.

Additionally, Cravath’s deal did not just involve traditional leasing arrangements. The firm negotiated a 7 percent equity stake in the building, tying its fortunes to the success of One Worldwide Plaza. This not only provided Cravath with a vested interest in the building's prosperity but also showcased a savvy blend of real estate investment with their office space decision.

Cravath’s headquarters remained at One Worldwide Plaza until April 2024, marking almost four decades in the iconic building before their next relocation to Hudson Yards, another up-and-coming district in Manhattan. This move continues Cravath’s tradition of aligning its physical presence with new and flourishing parts of New York City, influencing and possibly accelerating the development and desirability of the areas they choose to inhabit.

The firm’s unusual lease condition back in the 80s is a testament to the significant leverage and foresight large corporations can have in urban development. It also serves as a curious footnote in the history of New York real estate, reflecting the unique demands and impacts influential tenants can impose on their surroundings.