Law Firm Renegotiates Kentucky Leases, Relocates Atlanta Office

LOUISVILLE, KY-Taking advantage of a tenants’ market, the Louisville-based regional law firm Stites & Harbison has renegotiated its leases in Louisville and Lexington and relocated its Atlanta office with the help of Studley, the New York-based brokerage firm.

At the Hines-owned Aegon Center in Louisville, the law firm was able to see its existing 61,000-sf lease, which still had two years of 12 remaining, torn up in favor of a new long-term lease for 70,000 sf. The new lease rate is significantly lower than what they were paying, says Studley SVP Andrew Lechter, who represented the law firm in the transactions.

“We were able to demonstrate to Hines that the firm had other options, including kicking off a new office building, and that slack tenant demand was going to result in a long down time for their space if they left,” says Lechter.