A law office’s prepared transfer to a 50-story Loop office tower continues an industry pattern of lowered firm 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 rents about 100,000 square feet at 120 S. Riverside Plaza in the West Loop, the firm’s house given that 1990, Gesas said.
The majority of the area Arnstein is taking at 161 N. Clark will be subleased from Polsinelli. That law firm plans to move in February to a 53-story firm tower in the late phases of building at 150 N. Riverside Plaza along the Chicago River.
Arnstein & Lehr is following a law industry trend of cutting expenses by lowering realty. Many firms are approaching smaller specific workplaces and getting rid of libraries and records that can now be saved electronically.
” We chose to make the relocation since we’re in area that, for the functions of our company, is old-fashioned,” Gesas said. “The plus is we will not have the extra-large equity partner workplaces that we have here (at 120 S. Riverside).
” My office is like a castle. It’s ludicrous.”
About 60,000 square feet will be subleased from Polsinelli on the 42nd, 43rd and 46th floors. Arnstein & Lehr likewise will rent about 5,000 square feet straight from the property manager on the 13th flooring for the company’s management firms, Gesas said.
161 N. Clark is owned by an endeavor 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 has to do with 96 percent leased, according to real estate information supplier CoStar Group.
The Polsinelli lease that Arnstein & Lehr is assuming runs up until October 2027, Gesas stated.
Arnstein & Lehr was represented in the thing by Bill Rogers, a handling director at Jones Lang LaSalle.
Polsinelli is amongst a number of firms moving their Chicago firms to smaller areas in towers now under construction. Others include McDermott Will & Emery, DLA Piper and Hinshaw & Culbertson.
Other firms are switching from one existing structure to another to revamp their offices in less overall area, such as Seyfarth Shaw’s deal to move to Willis Tower from the Castle Center.
General downtown workplace openings reached a 15-year low during the 2nd quarter, but pending moves by renters from existing structures to new building and construction are anticipated to increase vacancy in the next couple of years.
Founded in 1893, Arnstein & Lehr has about 90 attorneys in the Chicago office and about 60 in Florida, where it has firms in Miami, Fort Lauderdale, West Palm Beach and Boca Raton, Gesas said. The company likewise has a little Springfield firm that its Chicago attorneys use when traveling to the state capital.
Arnstein & Lehr prepares to complete the relocation from the West Loop by next April, Gesas stated.
Aside from some minor cosmetic modifications such as brand-new carpet and paint, the Polsinelli area is supplied and move-in prepared, Gesas said. Firms are 225 square feet for partners and 150 for partners.
Its existing space has partner workplaces from 235 to 310 square feet and associate workplaces of 150 feet, the firm said. Despite the total reduction in space, the brand-new office consists of space for brand-new hires, Gesas said.