A law firm’s planned transfer to a 50-story Loop office tower continues an industry trend of lowered office sizes.
Arnstein & Lehr plans to move next year to about 65,000 square feet at 161 N. Clark St., stated Handling Partner Michael Gesas. Arnstein & Lehr currently leases about 100,000 square feet at 120 S. Riverside Plaza in the West Loop, the company’s home given that 1990, Gesas said.
Most of the space Arnstein is taking at 161 N. Clark will be subleased from Polsinelli. That law office prepares to relocate February to a 53-story office tower in the late stages of building and construction at 150 N. Riverside Plaza along the Chicago River.
Arnstein & Lehr is following a law industry pattern of cutting expenses by decreasing realty. Numerous companies are approaching smaller specific workplaces and removing libraries and records that can now be kept digitally.
” We chose to make the relocation since we remain in space that, for the purposes of our firm, is old-fashioned,” Gesas said. “The plus is we will not have the large equity partner workplaces that we have here (at 120 S. Riverside).
” My firm is like a castle. It’s ridiculous.”
About 60,000 square feet will be subleased from Polsinelli on the 42nd, 43rd and 46th floorings. Arnstein & Lehr likewise will rent about 5,000 square feet directly from the proprietor on the 13th floor for the company’s administrative workplaces, Gesas stated.
161 N. Clark is owned by a venture of CBRE Global Investors, which bought it in on behalf of a group of South Korean investors for about $331.3 million in October 2013. The tower is about 96 percent leased, according to realty information company CoStar Group.
The Polsinelli lease that Arnstein & Lehr is presuming runs till October 2027, Gesas stated.
Arnstein & Lehr was represented in the thing by Costs Rogers, a handling director at Jones Lang LaSalle.
Polsinelli is among numerous firms moving their Chicago workplaces to smaller spaces in towers now under construction. Others consist of McDermott Will & Emery, DLA Piper and Hinshaw & Culbertson.
Other companies are switching from one existing building to another to upgrade their workplaces in less total space, such as Seyfarth Shaw’s offer to move to Willis Tower from the Castle.
Total downtown office job reached a 15-year low during the second quarter, but pending moves by renters from existing structures to new building are expected to drive up vacancy in the next few years.
Founded in 1893, Arnstein & Lehr has about 90 lawyers in the Chicago office and about 60 in Florida, where it has offices in Miami, Fort Lauderdale, West Palm Beach and Boca Raton, Gesas stated. The company likewise has a small Springfield workplace that its Chicago lawyers use when traveling to the state capital.
Arnstein & Lehr prepares to finish the relocation from the West Loop by next April, Gesas said.
Aside from some minor cosmetic changes such as brand-new carpet and paint, the Polsinelli space is supplied and move-in all set, Gesas stated. Firms are 225 square feet for partners and 150 for associates.
Its current area has partner offices from 235 to 310 square feet and associate firms of 150 feet, the company stated. Despite the total reduction in space, the brand-new office includes room for brand-new hires, Gesas said.