Not long ago Drinker, Biddle and Reath made a bold move to pay its first-year associates smaller salaries so the firm could offer better training for them. The young’uns seem to have flourished, as the Philadelphia-based law firm is moving into bigger space at Silverstein Properties‘ 1177 Sixth Avenue.
The 15,375-square-foot deal for 10 years, which was just inked this week, will allow the firm to accomodate more lawyers, Jane Roundell of Cresa Partners told The Observer. The firm, which sent shockwaves through the legal world when it reduced freshmen to a mere $105,000 a year, will move from 140 Broadway, where they occupy about 12,000 square feet. Ms. Roundell, who repped the lawyers, said her client was “very happy” with the deal on the space, which includes some construction work. The asking rent was $78 a foot.
The 1 million-square-foot tower at 45th Street will “set the right stage for their expansion,” Ms. Roundell added. Indeed, it was the stage of some drama in 2007, when Larry Silverstein and the California State Teachers’ Retirement System bought it at the height of the market for more than $1 billion.
We’re still waiting for a call back from Silverstein about who repped their side of the deal.