The New York office space will be reduced by around 15 per cent by Linklaters next year as the firm leaves its present Manhattan home after 21 years.
Linklaters will move to a 91,000 square feet base over three floors in the AXA Financial Centre at 1290 Sixth Avenue, according to CoStar, a real estate database. The new space is a stone’s throw away from Linklaters’ present 107,000 square-foot office at 1345 Sixth Avenue, which has been its base since 1998.
The new 15-year lease was signed by Linklaters this month and a spokesperson for the firm said that the new office will cost $84 per square foot. The usable space in the new office will be greater, partly due to a vast lobby in the current office, said a spokesperson for the firm. Tom Shropshire, Linklaters U.S. practice head, stated, “In relocating our New York office, we are seeking to provide our colleagues a modern, state-of-the-art space that will foster greater collaboration. It will be a flexible and adaptable environment that will provide a strong, connected community and encourage creative, team-oriented problem solving.”
At least 11 partners have left Linklaters’ US practice in the past five years, according to ALM’s research tool, Legal Compass.
Through a series of promotions and lateral hires, the firm has rebuilt but not expanded much further.