Miller & Chevalier has inked a 15-year lease to be the anchor tenant in a new development two blocks north of the White House...
Second to salaries, real estate is the biggest expense for law firms. These days, firms don’t need as much space as they once did. Law firms, for example, are moving away from extensive libraries of legal books. The digital storage of records has freed up additional space.
Thomas Fulcher, Jr., executive vice president and co-regional manager at the real estate firm Studley, said the Miller & Chevalier deal aligns with similar leases Washington firms recently executed.
Fulcher, for instance, compared the Miller & Chevalier deal to one that Pillsbury Winthrop Shaw Pittman signed in January for 105,000 square feet at 1200 17th Street. In both deals, law firms are moving into small, more efficient spaces.
"This is another repudiation of a large floorplate building," Fulcher said. "This is really representative of the trend we're seeing."Miller & Chevalier Signs Lease for New Office
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