1650 Market Street, Philadelphia PA
Cozen O’Connor, one of the largest 100 law firms in the country, hired SSH Real Estate to evaluate its real estate options. SSH conducted a multi-year, comprehensive search to explore all options including renewal, relocation and new construction.
SSH Real Estate’s extensive research projected several major law firms relocating in a similar timeframe. With a scarcity of large blocks of space that could accommodate their 200,000 SF requirement and our research indicating future rental increases, the firm agreed with our recommendation to enter the market four years prior to their lease expiration.
The result was securing one of the last remaining large blocks of contiguous high-rise floors in the trophy building, One Liberty Place. By the time Cozen O’Connor took occupancy, rents had increased over 20%. With SSH Real Estate’s counsel the firm was able to secure a 15-year lease at well below market rents, saving them significant long-term occupancy costs.
One Liberty Place, 1650 Market Street, Philadelphia PA