Woodcock Washburn, LLP
In July 2005, the firm signed a seven-year lease for approximately 6,750 square feet at 2002 Summit Boulevard, a building owned by Hines and located in the suburban Central Perimeter submarket. In early 2007, the firm expressed interest in moving to Midtown where they could be better positioned among clients and competitors. As a result of location, the firm hoped it could leverage its name in the market and potentially recruit top-notch talent.
In Midtown, the submarket where a large number of law firms have their offices, the firm's current landlord Hines (along with its joint venture partner – GE Pension Trust) just completed construction on a new tower – 1180 Peachtree Street. With the largest tenant of 2002 Summit Boulevard offering two full floors on the sublease market and Woodcock Washburn's desire to move quickly, offering the firm's space for sublease was not the best course of action.
With more than 5 years of the term remaining, Studley (now Savills Studley) negotiated the termination for the firm’s current lease as part of a commitment to the new building. The firm more than doubled its size from the original lease and included multiple expansion and contraction options. This flexibility allowed the firm to execute a necessary growth strategy. The overall costs were similar to the most optimistic sublease scenario and entailed none of the financial worries and credit risks.
1180 Peachtree Street, NE,
Law Firm Practice Group