Gibbons is one of the region’s largest and most prominent law firms. With an upcoming lease expiration at 1 Riverfront Plaza, the law firm retained Studley (now Savills Studley), based on its extensive experience representing major law firms nationally, to provide tenant representation and advisory services to secure the firm’s new headquarters location.
Gibbons’ objectives included finding Class A office space that was in proximity to train service into New York City and that had ample parking for employees. Studley began the site selection process by identifying large blocks of space which could accommodate Gibbons’ anticipated growth needs, as well as Gibbons’ other site selection criteria. A thorough examination of the northern New Jersey market yielded the best alternative to be an adjacent building to Gibbons’ current office in downtown Newark.
Studley negotiated a long-term transaction at One Gateway Center that included substantial benefits for Gibbons. The lease included hard expansion rights onto contiguous floors, termination rights and exclusive building-top signage, which will be visible from airplanes flying in and out of Newark Liberty International Airport and nearby major highways. The lease economics provided more than 20% savings and a greater cash contribution from the landlord relative to similar deals in the marketplace. One Gateway Center affords Gibbons far more efficient space than its current premises which reduced the overall square footage required at move in. The move also allowed the firm to change its culture from that of a traditional law firm with varied-sized offices to one with uniform, single-sized offices for all partners.
One Gateway Center,
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