A law practice’s prepared transfer to a 50-story Loop workplace tower continues an industry trend of minimized workplace sizes.
Arnstein & Lehr prepares to move next year to about 65,000 square feet at 161 N. Clark St., said 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 space Arnstein is taking at 161 N. Clark will be subleased from Polsinelli. That law firm prepares to relocate February to a 53-story workplace tower in the late phases of building and construction at 150 N. Riverside Plaza along the Chicago River.
Arnstein & Lehr is following a law industry pattern of cutting costs by minimizing realty. Many firms are approaching smaller specific offices and getting rid of libraries and records that can now be kept digitally.
” We chose to make the move due to the fact that we’re in area that, for the functions of our company, is old-fashioned,” Gesas stated. “The plus is we won’t have the extra-large equity partner offices that we have here (at 120 S. Riverside).
” My firm is like a castle. It’s outrageous.”
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 property owner on the 13th floor for the company’s administrative 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 financiers for about $331.3 million in October 2013. The tower is about 96 percent leased, according to real estate information company CoStar Group.
The Polsinelli lease that Arnstein & Lehr is presuming 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 offices 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 building to another to redesign their offices in less general area, such as Seyfarth Shaw’s deal to move to Willis Tower from the Castle Center.
Overall downtown workplace openings reached a 15-year low throughout the 2nd quarter, but pending moves by tenants from existing structures to new building and construction are anticipated to drive up job in the next number of years.
Founded in 1893, Arnstein & Lehr has about 90 lawyers in the Chicago workplace and about 60 in Florida, where it has firms in Miami, Fort Lauderdale, West Palm Beach and Boca Raton, Gesas stated. The company likewise has a little Springfield workplace that its Chicago legal representatives utilize when taking a trip to the state capital.
Arnstein & Lehr plans to finish the move 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 provided and move-in prepared, Gesas said. Workplaces are 225 square feet for partners and 150 for partners.
Its present space has partner workplaces from 235 to 310 square feet and associate offices of 150 feet, the firm said. Regardless of the overall decrease in space, the brand-new office includes space for brand-new hires, Gesas said.