Law Firm Renews 83 KSF Office Lease Near Philly
Law firm Potter Anderson & Corroon LLP has renewed its headquarters commitment at 1313 N. Market St., a 530,000-square-foot office building in Wilmington, Del. The company will continue to occupy the 82,757-square-foot space for another 13 years.
JLL Executive Vice President Jamie Vari and Potter Anderson Partner Joy Barrist arranged the deal on behalf of the tenant.
The Siegfried Group is the owner of the 1984-completed property, according to CommercialEdge information. The company acquired the asset in 2017 from The McConnell Cos., after the previous owner defaulted on a $79 million acquisition loan.
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The law firm moved to the Class A property in 1997 and is currently the building’s largest tenant, occupying the entire sixth and seventh floors. As part of the new agreement, the company also plans to redesign and modernize its office space, with completion scheduled for 2026. The renovation program will feature a revamped suite for visiting trial teams and enhanced amenities, among other improvements.
A fully renovated office building
Also known as Hercules Plaza, the 12-story building went through a complete renovation in 2013. The mid-rise features column-free floorplates measuring more than 47,000 square feet, a tenant conference center and a food court, as well as the 1313 Innovation Center, a tech incubator providing 3D printing and coworking space.
Additionally, the ownership intends to upgrade the building amenities over the coming years. Plans call for additional coworking space, an upscale fitness center and a boutique lifestyle hotel.
Located within the city’s business district, the property is some 8 miles from the Wilmington Airport. Downtown Philadelphia is 32 miles northeast.
Law firm office leasing remains strong nationwide
Law firm office leasing activity continued to rise this year, with lease terms trending longer, according to a Savills report. In the first quarter of this year, the legal sector’s leasing activity clocked in at 1.7 million square feet, slightly ahead of the 1.5 million-square-foot quarterly average since 2020.
This week, law firm Smith, Gambrell & Russell decided to relocate its Chicago office to 57,000 square feet at 155 N. Wacker Drive, an approximately 1.2 million-square-foot office tower in Chicago. Move-in is scheduled for early 2026.
Other notable deals included Williams Mullen’s lease extension at 200 S. 10th St. in downtown Richmond, Va. The law firm upped the remaining term at the 148,911-square-foot space for another seven years.
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