Law firms take more space at Silverstein’s US Bank Tower
Continue trend that saw attorneys nearly double office space in LA space during pandemic
Two law firms have taken up more space at Silverstein Properties’ U.S. Bank Tower in Downtown Los Angeles.
Silverstein signed Skiermont Derby to a new 4,500-square-foot lease and Dechert to a 9,700-square-foot expansion at the office tower, according to a Monday announcement.
Law firms have been among the few drivers of new office leases over the last two years, as many other sectors have shrunk their office space during the pandemic. In Los Angeles, law firms have nearly doubled their office space since 2020, according to Savills.
Around 500,000 square feet of renewals, relocations and expansion leases were signed in 2020 and 2021 by law firms.
Skiermont Derby, a Dallas-based trial and patent litigation firm, signed a seven-year lease for a part of the 58th floor. The firm will move its offices from 800 Wilshire Boulevard – a 16-story office tower owned by Onni Group — in the summer.
Philadelphia-based corporate law firm Dechert already occupies around 9,700 square feet on the 49th floor. The firm will add 5,900 square feet on the same floor, with plans to move in in September.
Silverstein is in the works on a $60 million renovation at the property, aiming to attract companies that have traditionally chosen campus-like office settings over vertical ones.
Around 325,000 square feet of the U.S. Bank Tower is currently available for lease — about 22.7 percent of the tower’s total office space, according to Silverstein’s website.
The leases with the two law firms follow a deal in November that saw Israel-based Mizrahi-Tefahot Bank sign a 10-year lease for 7,500 square feet across the 57th floor of the property, with plans to use the space for its new U.S. office. That firm also moved out of 800 Wilshire.