The triple net market rate for this type of product in Menlo Park is about $1.75 per sf per month. The law firm had bargaining power given its size, credit and length of commitment.
One of the law firm's brokers, Studley EVP George Fox, declined to discuss the lease rate on the deal but did tell GlobeSt.com the firm was able to negotiate a major remodel of the entrance to the facility to give it "a class A feel conducive to a top-tier law firm." The law firm also obtained fixed-date expansion options and rights of first refusal on the office complex's remaining space and spent well beyond any tenant improvement allowance to renovate their space, says Fox.
"We have accommodated growth and updated the interior features in line with a global law practice--adding technology, security, world-class conference and meeting facilities, and dining and gathering spaces for our growing attorney and staff population," says Ora Fisher, the office managing partner of Latham & Watkins in Silicon Valley.
Latham's Silicon Valley office currently houses 80 attorneys and 82 professional staff. Companywide, the law firm employs 1,800 attorneys. Among its recent assignments was providing legal counsel to GE Real Estate with regard to its $4.8-billion acquisition of Arden Realty.
Assisting Fox in the tenant rep assignment were Studley corporate managing director Hamilton Southworth and associate director Katherine Rendler. Bohannon Development Corp. was represented by Cornish & Carey.
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