A law office’s prepared transfer to a 50-story Loop workplace tower continues a market trend of decreased 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 presently leases about 100,000 square feet at 120 S. Riverside Plaza in the West Loop, the firm’s house because 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 relocate February to a 53-story workplace 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 minimizing realty. Many companies are moving toward smaller sized individual firms and eliminating libraries and records that can now be kept digitally.
” We decided to make the relocation due to the fact that we remain in space that, for the functions of our firm, is old,” Gesas stated. “The plus is we will not have the large equity partner offices that we have here (at 120 S. Riverside).
” My workplace is like a castle. It’s absurd.”
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 proprietor on the 13th floor for the firm’s administrative offices, Gesas said.
161 N. Clark is owned by a venture of CBRE Global Investors, which bought it in on behalf of a group of South Korean financiers for about $331.3 million in October 2013. The tower is about 96 percent leased, according to property information service provider CoStar Group.
The Polsinelli lease that Arnstein & Lehr is assuming runs till October 2027, Gesas stated.
Arnstein & Lehr was represented in the thing by Expense Rogers, a handling director at Jones Lang LaSalle.
Polsinelli is among several firms moving their Chicago workplaces to smaller sized spaces in towers now under construction. Others include McDermott Will & Emery, DLA Piper and Hinshaw & Culbertson.
Other companies are changing from one existing structure to another to redesign their offices in less total space, such as Seyfarth Shaw’s thing to move to Willis Tower from the Castle.
Total downtown firm job reached a 15-year low during the 2nd quarter, but pending moves by tenants from existing structures to brand-new construction are expected to drive up vacancy in the next couple of years.
Founded in 1893, Arnstein & Lehr has about 90 legal representatives in the Chicago workplace and about 60 in Florida, where it has firms in Miami, Fort Lauderdale, West Palm Beach and Boca Raton, Gesas said. The firm also has a little Springfield workplace that its Chicago legal representatives utilize when traveling to the state capital.
Arnstein & Lehr prepares to finish the move from the West Loop by next April, Gesas stated.
Aside from some minor cosmetic changes such as brand-new carpet and paint, the Polsinelli area is furnished and move-in ready, Gesas stated. Offices are 225 square feet for partners and 150 for partners.
Its current area has partner offices from 235 to 310 square feet and associate offices of 150 feet, the firm stated. In spite of the general decrease in space, the brand-new workplace includes room for brand-new hires, Gesas said.