How One Manhattan Firm’s Office Reflects Big Changes in the Legal Industry
One could be forgiven for thinking the workplace of Katten Muchin Rosenman LLP was a restaurant rather than a law office.
The 140,000-square-foot space — all of the fifth, sixth, seventh, eighth and 10th floors, and about two-thirds of the ninth at 50 Rockefeller Plaza — boasts a warming kitchen, where one can get everything from a cup of coffee to a full meal, not to mention plenty of places to sit down and eat with your food, both inside and out, plus grab-and-go pantries on each practice floor The offices, designed to serve the needs of some 160 attorneys as well as staff, represent corporate legal representation at its most up to date.
Big Tech’s Downsizing Spells Office Market Retreat
Some of the sector’s biggest names have been shedding office space across the country, subletting unwanted floors, and pausing construction on developments they spearheaded, the Wall Street Journal reported. The much-feared culprit of work-from-home policies has been replaced with another frightening omen: downsizing.
Meta, Lyft, Salesforce, and Other Tech Firms Dump Office Space as They Downsize
The big technology companies that drove U.S. office demand for years as they expanded their empires are now canceling leases and flooding business districts with office space as they downsize.
Facebook owner Meta Platforms Inc., Lyft Inc., Salesforce.com Inc., and other tech companies are shedding millions of square feet of office space in San Francisco, Silicon Valley, New York, Austin, Texas, and elsewhere. Amazon.com Inc. stopped construction on new office buildings in July amid a hiring freeze and is now preparing to lay off thousands of workers.
More New York City office workers are taking a page from students heading back to school, packing up for returns of their own.
Between Aug. 29 and Sept. 12, 49 percent of workers returned to their desks, according to a survey reported by the Commercial Observer. The report is based on 160 major Manhattan employers conducted by the Partnership for New York City and the Metropolitan Transportation Authority.
Wall Street Banks Lead Return-to-Office With Labor Day Push
After Labor Day, it’s back to the office for Wall Street.
Big banks, including Goldman Sachs Group Inc. and Morgan Stanley, are clearing the final hurdles for full-time, in-person work and once again reminding employees that they’re wanted in the office. After a few false starts, there’s a sense that this time it’s for real.
Google Boss Says He’s a Believer in NYC Offices
Google’s chief executive, Sundar Pichai, said he’s optimistic about the company’s prospects in the Big Apple, where it expects to continue growing its presence, Crain’s reported. “I’m personally long-term bullish on our growth in New York as a company,” Pichai told the publication. “And we would do that only if we’re optimistic to access to tech talent and being able to scale up.”
Both Meta and Amazon are backing away from their plans to expand in New York City, Bloomberg reported. Neither has signaled any intent to eliminate space they already have in the city, but are backing off potential deals to add space.
AmTrust President Jonathan Bennett On Modernizing the Company
AmTrust Realty President Jonathan Bennett isn’t just modernizing his privately held real estate firm’s 1960s office tower at 250 Broadway — he’s trying to bring AmTrust itself into the modern world in order to fill hundreds of thousands of vacant square feet there and elsewhere.
The Parameters of Office Demand Have Changed. Here’s What Owners Need to Know
Partner Insights spoke with Nick Romito, co-founder and CEO of VTS, the commercial real estate industry’s leading technology platform that transforms how strategic decisions are made and executed across the asset life cycle, about what those changes mean for landlords.