The Pillsbury 105,000 SF Lease: Big But Not Bigger

WASHINGTON, DC-It’s official. Pillsbury Winthrop Shaw Pittman has inked deal to move its DC offices to 1200 17th St. NW, a 168,000-square foot building under development by Akridge and its investment partner Mitsui Fudosan America. It will be taking 105,000 square feet in January of 2015.

On one hand the lease is good news for those few developers willing to build on spec – as Akridge and Mitsui are doing at 1200 17th St., NW. On the other, the lease is confirms a trend that became apparent with the financial crash and shows no sign of reversing even as the economy improves: law firms are scaling back their real estate footprint, either because they are scaling back themselves or because they are learning to use space more efficiently, or both.