Thursday, January 14, 2021

BakerHostetler signs deal to move Philadelphia office

Natalie Kostelni Reporter Philadelphia Business Journal

BakerHostetler has signed a 16-year lease to relocate its Philadelphia offices from Cira Centre in University City to BNY Mellon Center at 1735 Market St. in the Central Business District.

The Cleveland-based law firm leased 45,121 square feet, a reduction from the 80,000 square feet it had occupied at Cira Centre. BakerHostetler's lease was scheduled to expire this year at the Brandywine Realty Trust-owned building. In 2014, the law firm merged with Woodcock Washburn, which was one of Cira Centre’s original tenants, and inherited its office space.

BakerHostetler, which has 65 attorneys in Philadelphia, is the second law firm in recent weeks to sign a long-term lease. Blank Rome, one of Philadelphia’s largest law firms, committed to a new 16-year lease on space in the Center City building where it currently resides — One Logan Square, which is also owned by Brandywine Realty.

BakerHostetler was one of two prominent Philadelphia law firm tenants at Cira Centre in the market and exploring what to do once their leases expired at the office building. Dechert is the other firm.

Dechert, which occupies around 240,000 square feet at Cira Centre, has been looking for new office space for nearly two years. A proposed office building at Brandywine Realty’s Schuylkilll Yards in University City had been one option it was considering. The firm did sign last year a lease on 34,987 square feet at 1735 Market, though that was just one part of its overall space strategy.

BakerHostetler will occupy floors 31 and 32 at 1735 Market and its lease brings the 51-story, 1.3-million-square-foot office tower up to 90% occupied. “It’s the second large national law firm that has moved to the building since we acquired it,” said Jeremy Moss, executive vice president of leasing at Silverstein Properties. “That’s a real validation for the building.”

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