Law Firm Leases Over 100k SF In Redwood City
Goodwin Procter just pre-leased over 100k SF at Dostart Development Co’s under-construction office development in Redwood City. Goodwin is one of many large firms migrating into downtown Redwood City, with many tech and venture capital firms heading into the city in recent months.
The law firm, ranked the 35th-largest U.S. firm by revenue, will be the anchor tenant at 601 Marshall St. This is a rare move given law firms are reducing their office space and staff levels.
Cushman & Wakefield executive managing directors Ben Paul and Mike Connor repped DDC and will lead marketing efforts for the remaining 35k SF. Remaining space includes about 28,400 SF on the fourth floor, with a 2,700 SF terrace available, and a 6,300 SF ground-floor suite.
Paul said he expects the rest of the tenants to fill 601 Marshall will be a combo of tech and professional services. He said a professional service firm will likely take the fourth floor since it includes a deck.
“Redwood City has an excellent rep as a very business-friendly city,” Paul said.
Downtown Redwood City is starting to attract typical Sand Hill Road and Palo Alto tenants, such as tech venture capitalists and private equity firms, which have been signing large leases in downtown over the last 45 days, according to Paul. He said downtown Redwood City has amenities that Palo Alto, Menlo Park and Mountain View don’t offer, such as over 70 restaurants, several theaters including a large AMC Theatres, and easy access to public transit.
He said many of these types of firms have younger partners who prefer more transit-oriented downtowns with lots of amenities.
As far as 601 Marshall’s anchor tenant, Paul said Goodwin is among the fastest-growing law firms in the world, and the firm needed a place to recruit the best attorneys and wanted to be in a downtown with a vibrant urban environment.
Paul, who has been working on the city’s precise plan over the last 15 years, said downtown Redwood City is very viable with access to freeways and Caltrain. The streets are gridded well and are very walkable. A new Class-A residential development with upwards of 2,000 units will increase the viability of the burgeoning office market.
601 Marshall is a well-designed building that is pre-certified LEED Platinum, he said. It is expected to deliver by the end of the year.
Savills Studley EVP and branch manager Steve Barker and corporate managing director Michael McCandless repped Goodwin. Goodwin is a Global 50 law firm with over 900 lawyers in the U.S., Europe and Asia focused on complex transactions, high-stakes litigation, and advisory services in the financial, life science, private equity, real estate and technology industries.
CORRECTION, JAN. 24, 9:57 A.M.: A previous version of this story had incorrect information about which floor a professional services firm would likely lease in the building. The story has been updated.