Juris-movement: Another Downtown law firm may be looking to relocate - Pittsburgh Post-Gazette
Another Downtown law firm may be changing addresses.
Duane Morris LLP is believed to be eyeing a move from U.S. Steel Tower on Grant Street to EQT Plaza on Liberty Avenue, according to real estate sources.
The firm, which is headquartered in Philadelphia, is believed to be considering less space at the new location than the 18,000 it currently has on Grant Street for its Pittsburgh office. It is looking to relocate next year, according to sources.
Law firm representatives did not return phone calls seeking comment.
If Duane Morris does make the move, it would be the latest law firm to switch quarters Downtown.
Several others have done so in the last couple of years.
Goehring Rutter & Boehm announced in April that it was leaving its longtime home in the Frick Building, where it has spent more than 100 years, for 525 William Penn Place less than a block away.
The Buchanan Ingersoll & Rooney law firm also changed Grant Street addresses two years ago, relocating from One Oxford Centre to the Union Trust Building.
That same year, Jackson Kelly PLLC left Three Gateway Center Downtown, also for the Union Trust Building.
David Koch, an executive vice president for the CBRE real estate firm, said the moves are “a sign of the market and the attractive opportunities available” as office landlords struggle to rebound from the COVID-19 pandemic.
“Law firms tend to be a good barometer for the underlying health of the office market. Pricing and the concessions packages available in the market are very attractive for opportunistic tenants,” he said.
“We are continuing to see firms that we are working with that are testing these waters. Whether it’s an upward move to a better property or rightsizing their space in anticipation of returning their workforce to the office, now is an excellent time to evaluate these options.”
According to the Jones Lang LaSalle real estate company, law firms have accounted for more than 500,000 square feet of movement in the central business district over the last five years.
“The current soft market conditions in the CBD, with record-high concessions, have led to law firms right-sizing through relocations,” said Dan Adamski, JLL senior managing director.
Nonetheless, according to JLL’s 2021 study involving more than 25 law firms Downtown, the average square footage per attorney is currently 967 square feet, far higher than the national average of 650 square feet per lawyer.
Mark Belko: [email protected] or 412-263-1262.
First Published November 16, 2021, 3:00am
source: https://www.post-gazette.com/business/development/2021/11/16/Duane-Morris-law-firm-Pittsburgh-moving-US-Steel-Tower-Grant-Street-EQT-Plaza-Liberty-Avenue/stories/202111160057
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