According to real estate services company Savills Inc., law firms have been some of the most active tenants in the Garden State in 2022.
The company has completed five lease transactions — covering approximately 75,000 square feet — on behalf of such clients so far this year, it announced May 19.
Vice Chairman Gregg Najarian and Corporate Managing Director Slava Vaynberg represented the law firms in the following transactions:
- Schenk, Price, Smith & King LLP signed a 38,519-square-foot lease restructure at 220 Park Ave. in Florham Park
- Wilson Elser Moskowitz Edelman & Dicker LLP signed a 17,356-square-foot lease relocating to 7 Giralda Farms in Madison
- Greenspoon Marder LLP signed a 10,233 -square-foot lease relocating to One Riverfront Plaza in Newark
- Hinshaw and Culbertson LLP signed a 5,888-square-foot sublease at 343 Thornall St. in Edison
- Zarwin Baum LLP signed a 2,759-square-foot lease renewal at 30 Montgomery St. in Jersey City
“The pandemic’s effect on the real estate market allowed our law firm clients to act sooner than they might have when driven solely by an expiring lease,” Vaynberg said in a statement. “The advantage of being proactive has led to broader options and unlocked hidden opportunities given the dynamic changes in most landlord portfolios.”
Along with Andrea Borrelli, an in-house workplace strategist and project manager, Najarian and Vaynberg are part of the Savills Legal Tenant Practice Group. According to the company, the worldwide team has successfully advised more than 81% of American Lawyer’s 2018 Top 100 Firms. Borrelli assists law firms working through the build-out of their respective offices.
“While the legal sector is typically hesitant to embrace modifications in how space is deployed due to its impact on traditional hierarchy, firms have begun to embrace more functional designs and layouts that foster cross-generational collaboration and mentorship,” Borrelli said. “Single-size offices, oftentimes transparent, technology-laden meeting spaces and amenity-rich space now answer the needs of all to benefit the firm.”
Savills has a New Jersey office in Rutherford.