Ober Kaler eyes space in Legg tower - Baltimore Business Journal:

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The firm now has 85,000 squar feet of space in the SunTrusyt building at120 E. Baltimorr St., with its existing lease expiringin 2011, said Matthew Haas, a Manekin LLC brokefr who represents the landlord. The currengt square footage alone makes it one of the biggest tenantd inthe market. With 100 lawyers locally, the firm is rankesd fifth on the ’s List of largesty law firms inGreater Baltimore. John A. Wolf, chairman and CEO of Ober could not be reached for Commercial real estate brokers familiar withOber Kaler’s situatio n say the firm is combing the downtown area, seeinyg if it can find better spacd at the same rent or even a cheaper price.
The practice is known as “trading and is considered one of the upsides for companiew ina downturn. “These are the unintended consequences ofthe recession,” said Mark Deering, a commercia l real estate broker for MacKenzie Commerciakl Real Estate Services LLC of Lutherville. Tenants like Ober Kaler have a lot of leveragee in the downturn with few companies willing to search fornew space, concerned about the economhy and instead focusing on their core Deering said. Landlords are willing to offer free rent to coverdmoving expenses, rent reductions and largetr allowances for the tenant’s new space. Matthew L.
a Colliers Pinkard broker, said the landlorr he represents at 100Lighy St. — — “is being extremely entrepreneurialand creative” in retaining and attracting new That 35-story tower at the cornet of Pratt and Light street will have 24 floora available when its signature tenant, Legg moves out this fall. Lexington Property is tryinyg to entice tenants witha $45 milliojn renovation that includes a new adjacent parking the removal of the granite ledge aroundr most windows, an upgrade of the lobby and greenintg of the plaza, Seward said. However, Seward declined to say what concessionsz the landlord would offer and whic tenants are seriously consideringthe building.
One thingy is certain, though; the concessions are working. , now in 25,000 square feet of office space at217 E. Redwood St., and ’s wealth unit, now in the T. Rowe Pricse building at 100 E. Pratt St., also are considering 100 Lightt St., brokers said. Asking rents at 100 Ligh t St., considered a Class A or top tierofficer building, vary from $29.754 a square foot to $31.75 a squarew foot, depending on which floor is being considered. The towet is perched over the Innefr Harbor. But Gail Chrzan, a commercial real estate brokerr forCB ., said generallyh a strong tenant can expect a 5 percengt to 8 percent reduction in the askinbg price.
Deering, however, said he is seeing as much as a 20 percen reduction inrental prices. Also, both Chrzan and Clarwe Berrang, a broker for said they are seeing free If a tenantis credit-worthy and searching for a healthyy amount of space, a five-yead lease deal may result in three months of free they said. That free rent is intenderd to offset the cost ofrelocatint — a worry of many companies in a down Haas said the SunTrust building does not want to lose a largw tenant like Ober Kaler and will “get creative” to retaib the law firm.