By Silverstein Properties | Official Press Release
NATIONAL LAW FIRM BAKERHOSTETLER MOVES TO 1735 MARKET STREET
Firm Signs Largest Commercial Office Relocation of 2020
PHILADELPHIA, January 11, 2021 – Silverstein Properties, one of the country’s leading real estate development and management companies, today 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.
BakerHostetler is one of the nation’s largest law firms, representing clients around the globe. With offices coast-to-coast, nearly 1,000 attorneys litigate cases and resolve disputes that potentially threaten clients’ competitiveness, navigate the laws and regulations that shape the global economy, and help clients develop and close deals that fuel their strategic growth. 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. This building repositioning will maintain 1735 Market Street’s position as a highly competitive, Class A asset in the heart of Philadelphia’s central business district. Silverstein Properties acquired 1735 Market Street in March 2019 in partnership with Arden Group and Migdal Insurance.
Lounge @ 1735 Market offers tenants at 1735 Market Street an amenity floor featuring a blend of shared work space, conference rooms, lounge space, entertainment areas and outdoor space. BakerHostetler joins high caliber building tenants including 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.”
1735 Market Street offers the best of all worlds – a timeless trophy building in the heart of Center City.
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.
For more information about 1735 Market Street and available leasing opportunities, please visit here.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
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