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First Department, December 4, 2007
Banc of Am. Sec. LLC v Solow Bldg. Co. II, L.L.C., 2005 NY Slip Op 30143(U), affirmed.
APPEARANCES OF COUNSEL
Dewey Pegno & Kramarsky, LLP, New York City (Thomas E. L. Dewey of counsel), Boies, Schiller & Flexner LLP, Armonk (Philip C. Korologos of counsel), and Dreier, LLP, New York City (Marc S. Dreier of counsel), for appellant.
Davis Polk & Wardwell, New York City (Robert F. Wise, Jr., Neal A. Potischman and Ross Galin of counsel), for respondent.
{**Banc of Am. Sec. LLC v Solow Bldg. Co. at 240} OPINION OF THE COURT
Tom, J.
In 1996, defendant Solow Building Company leased 60,000 square feet of space in its building located at 9 West 57th Street in Manhattan to Montgomery Securities, plaintiff's predecessor in [*2]interest. The leasehold was eventually expanded to encompass more than 640,000 square feet of space on 20 floors, which plaintiff Banc of America Securities (BAS) utilizes as its New York headquarters. The lease requires BAS to obtain Solow's consent before undertaking any alterations. It imposes an affirmative reciprocal obligation on Solow "not to unreasonably withhold its consent" to proposed, nonstructural changes required to render the space amenable to the lessee's business purposes. It further provides that Solow will approve or disapprove proposed alteration plans within 10 business days and that, upon substantial completion of the work, it may recover its "actual out

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