Monday, May 12, 2014

Law Firm Signs Major Lease in Center City

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal
Pond Lehocky Stern Giordano will relocate its law offices to One Commerce Square from United Plaza in Center City.
The law firm signed a long-term lease on 52,000 square feet on floors three, 18 and 19 at the trophy building at 21st and Market streets and stands as one of the largest lease deals to get signed in the Central Business District so far this year. The fast growing firm is expanding from 30,000 square feet at United Plaza at 30 S. 17th St.
Pond Lehocky, which focuses on workers' compensation and social security disability, started out in 2010 with 7,000 square feet and 28 employees. It has grown to more than 180 people in six offices.
The law firm had been looking for space since January 2013 when it had two years left on its lease. It considered several options, Soens said. One of which was venturing out to the suburbs, where they considered buying a building or splitting the two practice groups into different locations. An analysis concluded the firm should stay in a single building downtown.
A list was narrowed to five buildings including renewing at United Plaza. One Commerce Square was picked.
“The move offers them trophy space, which is so tight, at reasonable rates,” Soens said. “It will get increasingly harder to get reasonable rates in trophy space.”

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