Kramer Levin Naftalis & Frankel has signed a 15-year lease for 265,000 square feet in the 47-story skyscraper at 1177 Sixth Avenue. However, this is some 50,000 square feet less than it currently utilises, according to Moshe Sukenik, vice chairman of Newmark Grubb Knight Frank, which represented Kramer Levin in the deal.
Less space needed for same number of employees
He pointed out that law firms are now able to accommodate the same number of lawyers in less space because technology has resulted in amenities such as law libraries migrating online.
Less legal assistants needed
A reduction in legal assistants is another reason law firms need less space. Mr Levin explained that a quarter-century ago, it was common for firms to have a legal assistant for each lawyer but now one to seven would be more typical.
He pointed out that businesses could be taking 10 per cent less space to accommodate the same number of employees.
Kramer Levin’s corporate office runs along Sixth Avenue north of 42nd Street.
Source: WSJ
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