Terms of the new lease are undisclosed. Area brokers tell GlobeSt.com that the average asking rate for class A office space in the Independence Square submarket ranges between approximately $20 and $23.50 per sf.
Lavin, Coleman is among the largest law firms in the city. According to the firm's website, it has approximately 60 attorneys in three locations, which include its headquarters here along with offices in New York and Mt. Laurel, NJ.
The Physicians' building is a nine-story, 275,000-sf class A property that includes a 135-car garage, a cafe with rooftop terrace, a fitness center and conference and meeting spaces. It has easy access to I 95 and the Ben Franklin Bridge.
David Jarjisian and Nick Gersbach of the local office of CB Richard Ellis represented the owner, American College of Physicians, in the transaction. The law firm was represented by Ken Zirk and Bill Luff of the local office of Trammell Crow Co.
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