By Konrad Putzier
Law firm Paul Hastings LLP will leave its current digs at 75 East 55th Street by 2016 and move to the MetLife Building at 200 Park Avenue.
Following a trend in Manhattan’s legal sector, the firm plans to scale down its space per attorney. Its new office will measure a mere 180,000 s/f — down by a quarter from the 240,000 s/f it leased at 75 East 55th Street. Despite the reduction in size, the firm intends to keep the same number of employees.
A spokesperson for Paul Hastings told Real Estate Weekly that the new office will feature significantly more collaborative space.
“We are designing a space that will allow our people to be more mobile and more collaborative,” said Barry Brooks, chair of Paul Hastings’ New York office.
“And because we’ll be using our space more efficiently, we’ll be better positioned to invest in other areas of growth for the firm, such as technology and our people.”
Paul Hastings was represented by a CBRE team of Lewis Miller, Ken Rapp, David M. Kleinhandler, Andrew Sussman and Ramneek Rikhy. The MetLife Building is owned by Tishman Speyer.
Long known for its private libraries and spacious corner offices, the legal sector has embraced the trend to cut down space more slowly than tech or financial services firms. But in recent years, more and more law firms have chosen more efficient, open-floor designs in an attempt to curtail rising real estate costs.
Last November, a legal sector survey by Cushman & Wakefield found that a majority of law firms seek to significantly shrink each attorney’s office space in the future.
Law firms in the U.S. currently take up two to three times more office space per employee than banking, finance, insurance and technology industries, according to Cushman & Wakefield.