Office Sublets For Lawyers

09-20-2021 | by Neal Lerner

Individual Offices For Sublease In Manhattan Law Firms

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I.  For those of you who are "right-sizing" their firm's footprint, we've got several opportunities to rent offices in another Midtown firm

The first is at 1270 Avenue of the Americas in Rockefeller Center at 50th-51st Streets.  This is space that is being negotiated for rent by a boutique firm specializing in law for hedge funds, family offices and startup companies.  The 18th floor space is completely refreshed, with new paint and carpet and lighting and a high end furniture system will be included in the rental.  The space is wired for high speed wide bandwidth internet and WiFi.

There are 2 offices and 2 workstations available immediately proximate to the reception area and adjacent windowed conference room.  The space was built for law firm use and is in excellent move-in condition with great views and lots of light.

Alternately, the two offices that are directly across from the workstations can be made available instead of the rooms closer to the conference room.

This will be an all inclusive rental that includes conference room use and full time professional reception services.  Use of the phone system, reasonable use of the copiers, pantry etc. will all be part of the base rent.  The asking price for the offices is $3000 per month each and the workstations are offered at $500 per month each.

The space can be made available as of December 1, 2022 and a long term license/sublease will be made with a variable term between 3 and 5 years (or longer).  It is 3,800 square feet in total and if required, a third office could possibly be made available for the incoming "guest" tenant.  Move your practice once, and don't worry about moving again for a long time with a move-in condition rental with Rock Center views.

II. Our Downtown Offerings Include Up To 7 Adjacent Offices At 30 Broad St. On The 38th Fl.

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This is an unusual offering that can be customized according to your needs.  Any combination of offices and workstations will be considered and both Partner (corner) and Associate offices are available for immediate sublet.

This is a strictly Covid compliant law firm and only fully vaccinated attorneys will be considered.  Additionally there will be a requirement that any visitors to the space also be fully vaccinated.  This is a very important factor to the principal attorneys who are renting the space.

The Associate offices are being offered at $1850 per month each and the large corner office is $3000.  You can choose the rooms that wlll be most appropriate for your use.  For example, Office 1 ($2200/mo.), 2 and 3 can be made available with 2 workstations immediately off the entrance to the space.  This - along with equal signage on the front door - gives the impression that the entire 7,000 sq. ft. space belongs to the sublessee.  The glass wall conference room is visible immediately upon entry and throughout this unit is completely modernized, with all rooms offering glass fronts that allow the natural light to pass directly from the window line to the core.  Overall, this is a very bright-sunny commercial office space where the offering is malleable enough to match any downtown law firm's needs for new offices.

On the left you can see how the row of offices runs down a straight corridor with glass walls facing all of the interior workstations.

The shot of the conference room on the right gives a good indication of the quantity of light as well as the modern, above-standard furnishings.  This room is fully AV equipped with a large screen TV, phone conferencing set, and high speed WiFi for visitors.  The table comfortably seats 8-10 people and offers an excellent deposition environment.
                     

III.  Another Option Is In Midtown Proximate To Grand Central Where Up To 4, Well Priced Offices Are Available And The Price Is Negotiable

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Three windowed offices and one interior office, plus a workstation are available for immediate sublet - furnished or unfurnished.  Operable windows admit fresh air and natural light and all amenities used by the "host" firm are available to the "guest" firm  The host engages in Litigation, Medical Malpractice, Matrimonial and Tax law.  This diverse palette should be interesting to a host of small and solo firms looking for space near GCT.

The photo on the left shows one of the available offices (#4 = 120 sq. ft.) in a "before and after" configuration. 

Start with a blank slate and furnish the office any way you wish. 

Alternately the "host" has extra furnishings that can be used by the incoming sublessee.  The pricing on these offices is negotiable.

 

This photo shows an example of what the office could look like with furniture. Bring your own furniture or use ours.

We're very interested in having a serious "guest" subtenant with an interest in joining a very professional suite of attorneys with varied practices and interests

This midtown office sublet does not offer brand new space - rather it is a traditional NYC law firm layout with furnishings and finishes to match - and we know there is a large group of attorneys looking for traditional sublets that this space will satisfy.

If you're interested, it will be worth your time to discuss various available rental strategies with the "host" sublessor and we think you will be pleasantly surprised at where your rental deal ends up.

The Manhattan Office Market Has Changed - And It's Not Going Back To Where It Was

The direction and velocity of the small office rental market has changed dramatically and the outlook for long term leases has never been more bleak.  As turnover adds up, there will be large swaths of the commercial office space market left vacant as overtures from landlords to tenants are increasingly unrequited by tenants looking for space.  The direction is towards Flex Space or some hybrid of commercial office leasing and hoteling. Only the largest employers will be signing long term leases for blocks of space - but the majority of the marketplace is comprised of smaller tenants under 5,000 sq. ft.

The focus of LookingForSpace.com is the sub-2000 sq. ft. market occupied primarily by small law firms and small accounting firms.  We feel that the Flex demand will be primarily from this rather large segment of the overall marketplace, because practitioners in this type of firm often have more discretion than those in their larger counterparts.

The issue with small or solo law firms is that principals, their partners, and employees have discovered that they don't have to endure a daily commute to get their work done properly and effectively.  They have learned their daily & hourly presence isn't really required to get their work done...so why bear the indignity, discomfort and time suck of that daily effort.  Instead, many will only appear in person for two the three days per week...and we suggest that appearances will in many cases be limited to hours during which face to face meeting is preferential.  And, the preference will be that of the employee.

Everything we see points towards flex space as the future, even as the younger workforce demands well designed modern offices with coinciding amenities and options for dining, storage, pets and above all, the ability to structure a flexible schedule of appearances.

Of course there will be pushback from the larger occupiers.  Perhaps companies like Goldman Sachs, Citicorp, McKinsey & Co., Morgan Stanley, Facebook and Google will set the trend for demand of larger spaces...but the hoteling trend will continue to influence key real estate decisions being made by this group.  We exclude large law firms from the list because we think the direction of choice weighs in favor of the smaller firms.

Small law firms can of course benefit from the executive suite / business center / flex office market - however this professional segment is more likely than not to seek individual offices for rent in the premises of another similar practice.   

Our intention is to service both sides of the market whenever the rental of individual office sublets is available.  This could be in a law firm or a legal office suite for example.  Additionally it could be in a non-branded business center.  We will help practices discern the inventory and value on both sides and to further help with the decision making process we are working on BUILDING REPORT CARDS - which will grade the lobby, vertical transportation, elevator hallways, bathrooms and other common areas for their overall level of safety and ease of access with respect to Covid-19 plan preparation and execution.  At the end of the day, with the workforce indelibly etched with germ phobia, this type of grading will weigh heavily in people's perception of the value of an office sublet when the characteristics of the occupier's space are combined with the landlord's success in guaranteeing the safety of the occupants of each building where office sublets are being offered.

 

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