Favorable deal terms helped Joseph Cayre land law firm Baker & McKenzie as a new tenant for the building at 452 Fifth Avenue building at 452 Fifth Avenue he acquired last year, according to AM Law Daily, even as most law firms this year have chosen to renew rather than relocate.
Studley CEO Mitchell Steir worked as Baker & McKenzie’s broker and said that although the company wasn’t sure it wanted to leave its former office at 1114 Sixth Avenue, it eventually made the move because of the good deal and the opportunity to downsize, which is becoming a trend among law firms.
“Everything is trending toward greater efficiencies,” Steir said. Law firms are increasing lawyer-to-secretary ratios, reducing the size of their libraries and becoming more flexible with their space, AM Law Daily said. Landlords and brokerages can take heed to that warning as they look to bring law firms, which occupy about 13 percent of the city’s commercial real estate.
Steir said Baker & McKenzie will move into its new, six-floor, 105,803-square-foot space after remodeling it by the end of next year. [AM Law Daily]