While Most Law Firms are Dwindling, Cozen O'Connor Has Almost Doubled in Size
Summary: Although most firms have shrunk, Cozen O'Connor has hired several new attorneys and has expanded its Washington, D.C. office.
According to the Washington Business Journal, Washington, D.C.'s office vacancy rate has seen a sharp increase in recent years, largely due to bankruptcies, acquisitions, and other such events in the legal realm. In the past, law firms were one of the primary tenants of office space in D.C.
However, not all law firms have seen a reduction in size. Cozen O'Connor, a Philadelphia-based law firm, recently relocated from its previous space, increasing its office size from 36,500 to 62,800 square feet. The firm, which has 90 employees, signed a sublease from Squire Patton Boggs in July. in July. The remaining term was about 9 years.
Usually, a lease of less than 100,000 square feet in a strong Washington, D.C. market would barely cause one to bat an eye. For example, Venable LLP's new location is to take up roughly 400,000 square feet.
However, Venable will get rid of around 40,000 square feet when it moves. In contrast, Cozen is increasing its space by around 26,000 square feet. D.C.'s office market reported positive absorption of 508,329 square feet during the second quarter of 2015. The total vacancy rate in the District is around 12 percent.
Barry Boss, the managing partner of the D.C. office, said that just a decade ago, Cozen O'Connor had just two attorneys in Washington. Now, it has 59 on board. Ten new attorneys have recently been added.
Boss said, "We were looking for space since early this year, when we basically realized we were going to exceed capacity in our current space as we've been in a major growth phase. We didn't want our real estate to be an impediment to our growth."
Source: Washington Business Journal
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