| Law firms have always been a significant part of the office market, even more so in today’s difficult times. Newmark Knight Frank CEO Barry Gosin and EVP Moshe Sukenik, the brokers behind some of the largest deals of late, gave us a peek into the sector. | |
| Say goodbye to spacious oversized offices; bid adieu to law libraries—we’re seeing more glass fronts, fewer secretaries, smaller offices, and interior glass-fronted lawyer offices for first and second year associates. Some law firms are consolidating and merging. We can also rely more on relocations and renewals as law firms feel the need to reconfigure space, part of a post-Lehman rethinking of the business model, they say. Two of their recent transitions include Paul Weiss’ 550k-SF renewal at 1285 Avenue of the Americas and Orrick’s 210k-SF move to 51 West 52nd St. | |
| A relocation or lease expiration is the opportune time to do this reconfiguration, they say. For instance, Orrick will accommodate 15% more attorneys in 10% less square footage in its relocation to The Black Rock Building (above). In the meantime, the duo tells us they’re working plenty of deals as the market has identified pricing and rents have bottomed. Today’s environment requires you to work smarter and longer, Moshe says, and offers more opportunity for multi-party creative transactions, while brokers need to understand debt structures and financing to get deals done, Barry adds. |
LAW FIRMS, NON-PROFITS SEEK SPACE
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Barry Gosin, Paul Weiss
