Venabe New York managing partners Chris Borello, left, and Mathew Mclaughlin. Photo: Ryland West/ALM
Even before the pandemic ushered in a paradigm for office work, leaders of Venable's New York office knew they needed a different type of space for their operations, which was split at the time between 1270 and 1290 Avenue of the Americas in Manhattan. In early 2020, they found what they were looking for in 151 W. 42nd St. in Times Square, the former home of Skadden, Arps, Slate, Meagher & Flom, which years ago moved west to a new space in Hudson Yards. The firm signed a 15-year lease in 2021 for the roughly 170,000-square-foot space and, this spring, the 180-attorney Venable office officially moved in. "This new office move represents our focus on collaborating in the office while recognizing that work styles have changed, rebuilding New York, and being where our clients need us," Chris Borello, administrative partner for Venable's New York office, said. "The move should also reassure our clients, both in New York and across the nation, that we will continue to be a steady hand for them in uncertain times." The Washington, D.C.-based firm has steadily grown its ranks since entering the New York market in 2005 with a team of 11 attorneys. And firm leaders are looking ahead to a future where its Empire State numbers grow beyond 200. "Over the years we have continued to grow steadily in head count, expand our service offerings, and improve upon our capabilities in several practice areas by strategically making smart, measured decisions, such as our combination with Fitzpatrick Cella and the addition of a Construction Law Group," Matthew McLaughlin, partner-in-charge of the New York office, said. Remote work, in some form or fashion, appears to be here to stay for many of Manhattan's white-collar workers. For its part, Venable requires employees to be in the office on Tuesday, Wednesday and Thursday. But firm leaders say its sleek new office will be a draw not only for attorneys making their thrice-weekly commute, but also for clients. In designing the space, which features sweeping Hudson River views and a 3,000-square-foot terrace attached to a cafeteria that more closely resembles a gourmet restaurant, the firm left behind the mahogany, brass fixtures and closed spaces that often constituted the law firm offices of yesteryear. In its new space, which takes up floors 48 through 52, the firm instead embraced glass walls, greatly increasing the transparency of the space and allowing more sunlight to pour in. Venable is getting settled amid a flurry of real estate activity by law firms in Manhattan that seems to stand in contrast with overall trends for commercial and office space for the borough at large. According to a report this month from Cushman & Wakefield on leasing activity by law firms across the United States, the top 10 list for new leases or renewals based on square footage included five firms either re-signing or moving into new spaces in New York City over the past year. They are Cadwalader, Wickersham & Taft; Freshfields Bruckhaus Deringer; Clifford Chance, O'Melveny & Myers; and Holland & Knight. The report states that law firms are looking for smaller, uniformly sized offices, as well as putting greater focus on wellness, betting on sunlight space, standing desks, and floor plans that encourage movement. According to data compiled by Kastle Systems, which tracks office security card swipes for buildings in major markets, law firm employees have been getting back into the office at a relatively higher rate than all other industries. In New York, law firms have a 57.4% occupancy rate while the rate for all other industries is 46.7%, according to Kastle's latest figures. Moves for Venable and other law firms are happening during an uncertain time for Manhattan office space. In its report for the first quarter of the year, real estate brokerage JLL announced that office vacancies in the borough reached a record 16%, driven in part by more employees working remotely and rising interest rates.