Selner explains to GlobeSt.com that law firms are increasingly more efficient in their space usage. He points to the shift from large law libraries to computer-based research and a smaller number of assistants to serve a larger number of attorneys. “Those things reduce the amount of space a firm needs,” he explains.

As Figari & Davenport began its search for new space in late 2009, in preparation for a September 2011 lease expiration, the firm realized it would need 15% less space if it built out a new office, Selner tells GlobeSt.com.

“That meant the existing landlord had to be 15% more aggressive from a cost standpoint to compete with other buildings,” Selner says, adding that there were at least 25 buildings in and around downtown that could have accommodated Figari & Davenport. The firm toured eight buildings and negotiated seriously with five buildings before deciding to stay in Bank of America Plaza.

“We caught the market at a time where owners were trying to go after full floor users and pricing was very aggressive,” Selner says. “Bank of America’s ownership structured the deal to make it beneficial for Figari to stay in the same space.”

Specifically, Figari & Davenport received a significant tenant improvement allowance to modify the existing floorplan to make it more efficient. Selner says the firm is working with an architect to finalize the new design.

“There are a number of changes they hope to make, from moving interior walls to cosmetic changes,” Selner says, adding that the renovations will begin in early 2011.