LSAG Legal Briefs - Vol 2

Renewals accounted for five of the top 10 lease transactions in these markets, including each of the four largest leases of the first three quarters of 2019.

markets—Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C.—as well as in Birmingham (seventh largest) and Atlanta (ninth largest). Renewals accounted for five of the top 10 deals in these markets, including each of the four largest leases of the first three quarters of 2019.

While the largest law firm leases are historically concentrated primarily in the two largest law firm markets in the U.S., New York City and Washington, D.C., the first three quarters of 2019 saw sizeable deal activity across the country, with eight different markets represented among the top 10 transactions. Large leases occurred in all six of the U.S. gateway

TOP 10 LARGEST LEGAL SECTOR LEASES (Q1-Q3 2019)

CHANGE IN LEASE SF

TRANSACTION TYPE

MARKET

LEASED SF

TENANT

QUARTER

1 New York City 218,399 SF No change Akin Gump Strauss Hauer & Feld

Renewal

Q2

2 Boston

165,000 SF -35,000 SF Foley Hoag

Renewal

Q2

3 D.C. Metro

146,994 SF -42,849 SF King & Spalding

Renewal

Q2

4 New York City 144,000 SF No change Hunton Andrews Kurth Renewal

Q1

5 San Francisco 127,672 SF +15,367 SF Cooley

New Lease

Q1

6 Chicago

119,029 SF -17,087 SF Jones Day

New Lease

Q2

7 Birmingham

118,518 SF No change Maynard Cooper & Gale Renewal

Q2

8 Los Angeles

116,366 SF -53,094 SF Manatt, Phelps, & Phillips New Lease

Q2

9 Atlanta

115,896 SF -24,000 SF Jones Day

New Lease

Q2

10 New York City 113,517 SF -58,683 SF Kelley Drye & Warren

New Lease

Q3

Source: Altman Weil; Cushman & Wakefield Research

6 | Legal Sector Advisory Group | ADVISING FOR EXCELLENCE