PHILADELPHIA-Law firm Drinker Biddle & Reath has extended its lease at One Logan Square through 2029 for 155,000 square feet - a reduction of 51,000 square feet from its current lease.
The law firm said it does not expect to reduce the number of employees working at the office, however. Drinker Biddle currently has 456 employees at One Logan, including 205 attorneys.
The law firm has hired Studios Architecture to renovate the space and make it more efficient. The law firm moved into One Logan Square, which is owned by Brandywine Realty Trust, in 1999. Studley Inc. represented Drinker in the lease renewal for seven floors of space, rather than ten floors.
The transaction reflects prevailing trends to more efficient use of space, and consolidation rather than relocation.
In Princeton, NJ, for example, the satellite communications company SES Americom went through the same process last week, signing a long-term lease extension for 79,000 square feet at 4 Research Way for its headquarters and consolidating from three floors to two floors.
The Luxembourg-based satellite company owns and operates 52 geostationary communication satellites and a network of teleports. It previously occupied 129,00 square feet in Princeton.
“The decision by SES Americom to extend at their existing headquarters location came after a comprehensive two-year search involving numerous locations, including both existing and build-to-suit opportunities, in New Jersey and Pennsylvania,” said Marc Trevisan, who along with Robert Rudin of Cushman & Wakefield represented the company in that transaction last week.
The regional office market remains “soft,” according to Trevisan. “Many of the locations we investigated during our comprehensive search remain available.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
