Stradley Ronon Stevens & Young has exercised a lease option to relinquish one of the four floors it occupied at its long-standing headquarters in One Commerce Square. Effective January 1, the law firm downsized its space at the 2005 Market St. office building by 25%, reducing it from 92,000 square feet to 69,111. Co-Chairman Kevin Boyle explained that when the firm extended its lease to stay at One Commerce in late 2014, it included an option to return one floor to landlord Brandywine Realty Trust in the current year. Stradley Ronon chose to give back the 24th floor while retaining floors 25, 26, and 27.

This move aligns with a broader trend that has gained momentum over the past year or two, wherein businesses are downsizing office spaces in response to the shift to hybrid work arrangements during the Covid-19 pandemic. This strategic decision not only reflects evolving work dynamics but also presents an opportunity for cost savings on rent.

*Article courtesy of Philadelphia Business Journal

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