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Old Posted May 30, 2019, 4:30 PM
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Originally Posted by Nova08 View Post
Law firm eyes a new Center City tower for next move
https://www.bizjournals.com/philadel...-for-next.html
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Morgan Lewis, one of Philadelphia’s leading law firms, is eyeing a new office tower to house its vast Center City practice.

The firm is focused on 22nd and Market streets, a site where Parkway Corp. has proposed developing a 308,000-square-foot building. The law firm is now in 289,432 square feet at Six Penn Center at 1701 Market St. and its lease expires in 2021.

“We have enjoyed our occupancy at 1701 Market Street, but we are currently in active negotiations to sign a letter of intent to move in three years to a new development at 2222 Market," said a Morgan Lewis spokesperson in a statement. "As we maintain a constant focus on client service, we believe this new development will provide creative space design infused with cutting-edge technology that will increase collaboration and operational efficiencies.”

A representative from Parkway Corp. declined to comment.

The location is on the western edge of the Central Business District and is an area of the city getting more interest from developers and office tenants.

Most recently, Aramark Corp. relocated its headquarters to 2400 Market St. That building also houses the Fitler Club, a lifestyle club that has a range of amenities including dining, coworking, fitness and overnight rooms. Not far from there, at 23rd and Chestnut streets, Vanguard Group opened a satellite office.

It's not often new office towers get built in the Central Business District. The last two were built for Comcast Corp.

In addition to providing new office space for the law firm, the 23rd and Market site would give Morgan Lewis proximity to 30th Street Station, which houses regional rail and Amtrak and would give the firm better access to its offices in New York and Washington D.C. The location is also near the Schuylkill River Trail, Rittenhouse Square and other nearby restaurants and amenities.

Morgan Lewis is among several large tenants in the market looking for office space in Center City. With a limited amount of large blocks of space, developers have started to propose new projects to fill that void and seize upon potential anchor tenants who can kick off new office construction.

With more than two years left on its lease at 1701 Market, Morgan Lewis has time to have a new building constructed for the firm and settle on a new corporate home. It is likely not looking for a repeat of what happened when it searched for new space more than 20 years ago.

The last time Morgan Lewis looked for new office space, it was forced to move to 1701 Market, a building that had been vacant since 1993 when Conrail Inc. moved out. Its options were limited because it's efforts to stay where it was located, at One Logan Square, didn't work out. The firm attempted some last-minute maneuvers to stay at One Logan, but a deal never materialized.

The firm announced the move in 1996 and, in the fall of 1998, Morgan Lewis relocated to 1701 Market. It didn’t go well. According to a July 1999 report in the Philadelphia Business Journal, the firm was unhappy with the redesign of the building and its interior, which were described as “lifeless.” The firm also faced multiple problems after moving, including elevators routinely breaking down.

Three other office developments are in the works in Philadelphia. Parkway is also marketing a 400,000-square-foot project at 20th and Arch streets. Oliver Tyrone Pulver has proposed an 840,000-square-foot building at 13th and Market streets and Brandywine Realty Trust is marketing Schuylkill Yards in University City.
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