Silverstein Properties announced that national law firm BakerHostetler has signed a 16-year lease for 45,121 square-feet at 1735 Market Street, Philadelphia’s premier office building in the heart of the central business district.
The return of BakerHostetler to Center City marks the largest commercial office relocation of 2020.
Currently located in West Philadelphia, the firm is slated to move into the building in late 2021.
“I am delighted to welcome premier law firm BakerHostetler to our roster of world-class tenants at 1735 Market Street,” said Larry A. Silverstein, Chairman of Silverstein Properties. “Philadelphia’s central business district offers unmatched access, resources and amenities, including great retail, restaurants and direct access to a variety of transit options.”
Silverstein Properties is launching a $20 million capital improvement program at 1735 Market Street that will redesign the building’s lobby, front entrance, amenity spaces, common areas and the concourse. T
Silverstein Properties acquired 1735 Market Street in March 2019 in partnership with Arden Group and Migdal Insurance.
BakerHostetler joins a tenant roster that includes Boston Consulting Group, BNY Mellon, Goldman Sachs, Akin Gump, Brandywine Global, Willis Towers Watson, Fidelity, and UBS.
“BakerHostetler’s move to 1735 Market represents a growing trend of companies gravitating to the heart of Center City where they can offer employees every imaginable convenience and attract top talent,” said Jeremy Moss, Executive Vice President of Leasing at Silverstein Properties. “Our emphasis on hospitality and customer service has been an important part of our leasing success since acquiring 1735 Market Street less than two years ago.”
Jeremy Moss, Executive Vice President of Leasing, and Camille McGratty, Vice President of Leasing at Silverstein Properties, led negotiations on behalf of the landlord together with Mitchell Marcus, Tom Weitzel and Anthony LiVecchi of JLL. John Maher, Tony Rossi add Mike Phipps of CBRE represented BakerHostetler.