The law firm of Dilworth Paxson LLP will be relocating its Philadelphia headquarters to the top three floors of the East Tower of Centre Square at 1500 Market Street. The long-term lease will be for approximately 72,000 square feet.
“In selecting our new location, the law firm reviewed various operational and long-term growth concerns and determined that Centre Square works well for the firm’s strategic goals,” says Joseph H. Jacovini, Chairman of Dilworth Paxson LLP. “Remaining on Market West, the business center of the City, overlooking Dilworth Plaza, as well as the efficiencies that come with the new space convinced us that Centre Square offered us a great opportunity.”
Bert Sanders, managing principal, and Kristi Schofield, associate, both members of Newmark’s Law Firm Advisory group, represented Dilworth Paxson in the transaction.
A two-tower office complex consisting of two million square feet of rentable space, Centre Square is owned by HRPT Properties Trust, a major national office REIT that also owns Mellon Bank Center, 1600 Market Street, One Franklin Plaza and 1525 Locust Street. HRPT purchased Centre Square in 2002 and is currently renovating and upgrading its public areas, retail component and the outdoor plaza, according to David Campoli, a vice president of HRPT.
“Mellon Bank Center is one of Philadelphia’s most prominent skyline buildings, and it was a difficult decision to leave it,” admits Stephen J. Harmelin, Managing Partner of Dilworth Paxson LLP. “But the renovations to Centre Square will be just spectacular, and the location is ideal. We are really excited about this move in 2008.”
Highlights of the renovation include new entrances and signage, card access security and HVAC systems, hydraulic elevators, and architecturally distinctive elements such as a five-story, 40-foot-wide light fixture in the atrium-believed to be the largest of its kind in the United States- that can be lit in various colors for special occasions.
The outdoor plaza (which houses The Clothespin, one of Philadelphia’s best-known pieces of public art) and retail areas are undergoing a significant transformation and will also feature new lighting, as well as extensive landscaping.
Founded in 1933, Dilworth Paxson LLP conducts a broad and diverse regional and national law practice representing a wide variety of clients ranging from Fortune 500 companies to closely-held businesses, governmental entities and individuals while fostering a tradition of entrepreneurial thinking and public service.
HRPT currently owns almost $6 billion worth of office and industrial space in 34 states and the District of Columbia.
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 165 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $37.3 billion with annual revenues of over $537 million. With a combined staff of more than 5,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide.