When A Legal Suite Breaks Up

11-04-2021 | by Neal Lerner

When Tenants Are Left Out In The Cold

Because Landlords Don't Always Renew Their Leases

From time to time, we experience a stampede of attorneys looking for space because the suite they were part of is being dissolved.  This doesn't happen often, but when it does it has a palpable effect on the market because all of a sudden, a large group of individuals are scampering for the same scarce resources.  Let's face it - if you're looking for nice office space in a law firm, there aren't a lot of bright, new well located opportunities in Class A buildings - because the type of firms that gravitate towards trophy buildings generally do not rent offices to small and solo players.

When doors are being knocked on repeatedly, prices rise.  Demand influences the economics and a sudden high demand generally causes rentals to peak.  Yet, there is a way to avoid paying too much for your next office, and that is to plan in advance.

LookingForSpace.com works with many "Landlord" side law firms that are renting offices to other attorneys.  These are generally relationships that have been built on trust over the years, and we often know about Future availabilities - which is where advance planning comes in.  

When we are approached by a prospect with some lead time, we can discuss available office sublets that are currently vacant as well as subleases anticipated to be available at a future date.  So, if we're given some lead time we can fit the right rental opportunity exactly into your time frame.

Here is an example of a downtown shared legal office space that is vacant and available today:  It is a "suite within a suite" with entrance direct from the elevators and a reception station that can even be dedicated to your firm.  This is a pod with 3 offices and 2 workstations.  1 of the offices is a corner partner office.

This is the conference room immediately off the reception area and between offices #2 and #3 on the plan.  Office #1 is the Partner office in the corner which is 125 sq. ft. at a rental of $2,200 per month.  The other offices are all about 110 sq. ft. and are $1850 each

The sublessor (a law firm) has 7 years remaining on the main lease so you won't run into the problem of having to move again for quite some time.

The space is modern, bright and clean and offers a very nice appearance for your visitors.  Plus, since several offices are available at this time, there is a chance to negotiate a bulk discount on a long term deal.

The layout is below and you can choose from one to up to seven offices, if you need them and this is why the space can accommodate a larger group of small and solo practices.        This is the floor plan:

As you can see there is a nice row of offices available that you can pick and choose from.

The conference room is available as needed by prior sigh up

The reception desk is currently vacant, so if your admin or receptionist were to be placed there with signage, it would appear, coming right off the elevators, that your occupancy was much larger than it actually is.

Office machines and pantry are also available.  If you're interested in a "sweet" deal please call Neal Lerner at (212) 986-9100 or Contact Us

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Here is a different kind of opportunity where instead of subleasing space in another law office, this is a chance to rent offices in a business center that is set up solely for the purpose of renting offices to lawyers.  Legal office suites are often put together by attorneys who farm out what they have, but in this case we have a suite operator with several locations, that specializes in real estate for attorneys.  One of these is located on 59th Street between Park and Lexington Avenues.  There are several different offices available but one that stands out is a large partner office with exceptional views.  

Of interest here is the factor that makes this office such a bargain.  You can see that it is a corner office but one side is obscured by adjacent glass in the building.

As you walk into this immense room, there is a fabulous view facing north.  The room is unfurnished and waiting for yours, unless you want to use ours.

This is has the potential to be a Suite Within A Suite.  There is an adjacent 3-window office as well as a two window office, and a workstation immediately outside of the office.

Because this is a 2-sided exposure but one of them is limited, there is a steep discount from what this size corner room would normally achieve.  This is a $5,000 per month office but they are only charging $4,200 per month because of the obscured nature of the window line.

The office can be rented in 3-year tranches and the sublessor has a very long term remaining on the master lease for the entire floor so there is very little worry that you will have to be moving anytime in the near future.  This is a great location for a semi-retired senior attorney that lives on the upper east side and wants to walk to work.  

This suite offers all inclusive rentals which means that you pay one monthly fee and everything else (except copies) is included.  Your phones are answered in your firm's name - or you can have direct dial or phone forwarding arranged on an immediate basis whenever you need a change.  The conference room use is included (with a generous monthly cap) as well as a convenient pantry.  This is a full floor, duplex installation and you'll be surrounded by other attorneys of all practice types which often leads to interesting introductions, surplus work, and help in areas outside of your own expertise.

If you're interested in hearing more about these and other shared law office space opportunities, please SEND US AN EMAIL 
or Call:  212-986-9100

 

 

 

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