Pond Lehocky Stern Giordano
Service Provided:Tenant Representation
Location:One Commerce Square Size: 52,000 Square Feet
Additional Locations:2981 Grant Avenue in Philadelphia; 532 Lackawanna Avenue in Scranton.
Pond Lehocky Stern Giordano, the largest Workers Compensation and Social Security Disability law firm in the region, engaged SSH Real Estate in January 2013 to assist with multiple real estate needs. These included lease representation in suburban Philadelphia (2981 Grant Avenue in northeast Philadelphia, and 532 Lackawanna Avenue in Scranton) and the expansion of its then headquarters (at United Plaza, 30 S. 17th Street) from 25,000 to 30,000 SF on the same floor.
As the above jobs were underway, SSH was once again engaged by the law firm to assist in its long term goal: to relocate its headquarters to a Center City building that could accommodate its anticipated future growth.
As SSH’s team planned and constructed the 5,000 SF expansion of the current headquarters, they also worked on the law firm’s relocation: analyzing employees’ transportation patterns, including in depth demographic searches, researching and identifying potential spaces, constructing space plans for different business divisions, and creating customized lease/buy analyses for each scenario.
It was determined that the law firm’s two distinct business units, the Workers Compensation group and the Social Security and Disability group, had very different space plan needs and could be separated on non-contiguous floors. This possibility would give them more options as they considered their relocation.
SSH Real Estate identified a list of approximately forty-five buildings. After fifteen inspections, this was narrowed down to five, including an expansion/renewal at United Plaza.
After careful analysis, the firm chose to relocate to 52,000 SF on the 3rd, 18th and 19th floors at One Commerce Square (2005 Market Street). This building offered the ideal combination of floor sizes to accommodate the different needs of the two business units.
During the lease negotiation period, the building was abruptly sold to Brandywine Realty Trust. Fortunately, SSH was able to keep the transaction on track due to its excellent relationship and credibility with this new owner: since the 3rd floor space had limited views—making it more challenging for the landlord to lease—SSH was able to negotiate extremely favorable terms that, when blended with the 18th and 19th floors, were comparable to the inferior buildings that had also been under consideration.
In late 2014, Pond Lehocky Stern Giordano moved into its new headquarters, which features 52,000 SF on 3 different floors, including a dramatic outdoor terrace on the 18th floor for dining and entertainment. SSH Real Estate structured expansion options on all contiguous floors, allowing the firm the ultimate flexibility for future growth.Download Case Study PDF