Duane Morris Expands Commitment to Philadelphia with Lease Extension

Duane Morris lease extension Center City building view.

Duane Morris Secures Long-Term Future in Center City

Duane Morris, a prominent law firm, has extended its lease at Duane Morris Plaza in Center City, Philadelphia, for another 13 years. With the lease expiration approaching in March 2026, the firm’s leadership weighed various options before deciding to remain in its current location. Chairman Matthew Taylor emphasized the advantages of staying put, citing the firm’s recognizable profile and the planned upgrades from its landlord, Oaktree Capital Management.

“At the end of the day, we felt that staying in place with the deal that we struck was really the best for us,” Taylor stated. This decision comes despite a backdrop of evolving market dynamics, including a significant loan transfer that had initially complicated negotiations.

A Strategic Downsizing

Part of the lease extension involves a 19% reduction in space, down from 241,022 to 195,757 square feet. This adjustment signifies a shift towards a more efficient layout that accommodates the firm’s current needs, especially in the wake of shifts in work culture post-pandemic.

The redesign, set to kick off this fall, will not only consolidate office space but also transition to standardized office sizes, which reflects a growing norm among modern law firms seeking efficiency. Taylor mentioned, “This model has been implanted in the post-pandemic years.”

Redefining Office Space

As part of its commitment to adapt to changing work patterns, Duane Morris plans to introduce collaborative working areas and position some offices internally. This move responds to technological advancements and a decreasing requirement for physical support staff and paper files in today’s digital workplace.

With approximately 240 attorneys operating out of the Center City location, optimizing the space will be critical as they strive for a balance of collaborative and private areas in the office. This shift goes hand-in-hand with the firm’s broader strategy, which has seen similar adaptations across 20 of its 29 offices nationwide.

Conclusion

The extension of Duane Morris's lease in Center City not only signals a commitment to their existing clients but also positions the firm strategically for future growth in a dynamically changing legal environment. For top wage earners in Philadelphia, this could represent a promising trend of investment and stability in the local commercial real estate market.

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