Friday, February 19, 2010

3 Law Firms Lease Up

"Three law firms have settled on new leases, seizing on a leasing market that allowed them to upgrade their office space at cheaper rents. The deals may serve as a harbinger for the year as businesses begin to make leasing decisions and landlords try to lock in tenants to stabilize their office buildings.

The deals:

• Sweeney & Sheehan signed an 11-year lease on 15,246 square feet at 1515 Market St., where it has made its home for the last three decades. Though the firm considered other buildings in Center City, it decided to relocate within 1515 Market and move from the western side of the 19th floor to the other side of the same floor. The firm is shrinking from 19,000 square feet as it makes its new space more efficient. The firm has expansion rights to occupy an additional 900 square feet.

• Segal McCambridge Singer & Mahoney took 18,800 square feet at 1818 Market and will relocate from 15,000 square feet at United Plaza at 30 S. 17th St. The firm signed a 10-year deal.

• Chamberlain Hrdlicka White Williams & Martin restructured its lease at 300 Four Falls Corporate Center in West Conshohocken. The firm restructured its lease and will double to 12,259 square feet on the fifth floor of the building. To structure the deal, they negotiated to recapture a portion of space being marketed for sublease by an adjacent tenant, so that Chamberlain could lease the space directly for a five-year term. They also negotiated a rent reduction, based on the tenant’s willingness to sign a new lease nearly a year in advance of expiration."

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