Currently located in Bank of America Tower at 701 Fifth Ave., the firm is relocating its 600 employees to 240,000 sf of space on 10 floors in the 40-story IDX Tower at 925 Fourth Ave. Developer Hines Interests LP held a grand opening party for the building last month.
The new space has smaller lawyer offices and less space allocation per employee overall. "The key advantages include a reduction in overhead costs, utilization of the most current technologies and an optimally efficient space designed and built from specifications," says Gerry Johnson, managing partner of Preston Gates.
Johnson says the firm also benefited from prevailing economic conditions in building out, equipping, and furnishing its new space such that the work came in substantially under budget. Preston Gates' architect was Studios Architecture, Lease Crutcher Lewis served as the contractor, and the Seneca Group managed the project.
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