Three Small Law Firms Sign Office Leases in NYC

A law firm that specializes in family law recently moved its offices from Midtown to NoMad. Rather than leasing office space directly from a landlord, they opted to sublease offices within an existing law firm. The arrangement required minimal start-up costs, and the deal came together very quickly—only 12 business days elapsed from when the law firm first toured the office to the day they moved in. 

Shared law suites are a great option for firms needing only a few offices. It's more cost-effective than renting a private suite directly from a landlord, and the sublessee always has access to conference rooms, the reception area, and a kitchenette. 

For the price a firm would pay to rent its own private suite, they get so much more in a shared office space. The total square footage of the suite is always much greater, which presents better to clients. The firms that are subleasing office space tend to be located in Class A or B buildings, where small private suites are either not offered or rent at a premium. 

A law firm with a focus on corporate work went in another direction. Previously located in Columbus Circle, they moved a few blocks away to Avenue of the Americas and into a flexible workspace provider. Renting office space in a flexible workspace (a.k.a. coworking space) is an alternative to subleasing from a law firm or leasing an office directly from a landlord. 

As the term "flexible" office suggests, the lease terms are negotiable. Most companies that rent office space within a flexible workspace sign a 1-year term, however, these office rental companies often consider shorter lease terms. Compare this to a direct lease that might require a 3-to 5-year minimum term or a law firm sublease that usually requires at least a 1-year term. 

A similar flexible office deal with a worker's compensation attorney happened in the Garment District. The attorney intends to use the office only a few times per week, so he was looking for something cost-effective. In the end, he was able to secure a windowed office for 12 months at a price half that of most Midtown NYC offices.

The office space in the Garment District is brand new, so he'll be the first person to occupy it. Like most flexible workspace companies, tenants have shared access to a conference room, a kitchen, and a reception area. It's a turnkey solution with fully furnished offices with utilities and internet included in the price. The offices receive great natural light, as the suite is on a high floor.

SUBLEASING FROM A LAW FIRM

Law firms often rent offices that are larger than they need. Moving is a pain, so these firms want to ensure that if they grow and need to add more attorneys, they'll have available office space for them. And finding office space in NYC can be challenging, especially one that is the perfect fit. An office smaller than your current needs won't make the cut, so law firms either have to find one that is the perfect size—the 'ruby slipper' of offices—or rent an office with more square footage than their current needs.

But whatever the reason for the extra office space, law firms often sublease their additional offices to other attorneys or business professionals. In other words, it's common for attorneys who are sole practitioners or run small firms to sublease office space from larger, more established law firms.  

Here are a few reasons why attorneys sublease office space within established firms:

• Cost-Effective—No one wants to spend more than they have to on office space. Since you found this website, I'm sure you already know that NYC office space is pricey, and you're looking for a deal. The good news is that you can save a significant amount of money when you sublease office space in a shared suite. 

• Quick Start — Shared office space deals come together quickly. There isn't much to negotiate. The office spaces are already built, so there is rarely any talk about construction—maybe some fresh paint. The rental agreements are much simpler and shorter than direct leases or full subleases, so the turnaround time is typically just a few days vs. a few weeks.

• Quality—An attorney subleasing office space from a law firm can often secure a higher-quality office than if they were to rent their own small suite. A larger firm typically possesses greater resources than a sole practitioner, enabling the firm to lease office spaces of a higher quality, often located within more prestigious buildings.

• Inclusive — Pricing for shared office sublets is usually all-inclusive, or mostly inclusive. Electricity is always included, as are various building pass-through charges—real estate taxes, water, security, etc.—for which the sublandlord is responsible. Phones and internet are usually either included or the subtenant is responsible for sourcing their own. 

• Security Deposit — Expect the security deposit for a shared office sublet in NYC to be lower than the equivalent direct office lease. Again, we're referring to shared sublets here, not an entire suite where the sublandlord would vacate the entire office. In that scenario, the security deposit is usually similar to a direct lease. 

• Commitment — Most shared office sublets in law firms only require a 12-month initial term. However, signing a longer lease is often possible if desired. For most direct office leases, the minimum lease term is 3 years. And a 3-year term is usually only possible if the office in question is a 2nd-generation office space, as the landlord will not reconfigure the office (i.e. do construction work) for a shorter term. As for dedicated subleases (not shared with another firm), the term is whatever time remains on the master lease: it could be 7 months or 7 years. 

Are you looking to sublease office space in a law firm? 

Well, you've come to the right place. As of publication, the four offices below are available. The office pricing varies by quality, size, and location; however, most cost between $2000 and $3000 per month.

Midtown East — Are you looking for an office in NYC with a view? This furnished office on East 58th Street at Lexington Avenue has views of the Upper East Side. You'll have access to a conference room, a kitchen, and a reception area. The lobby was recently renovated and has a new glass facade. 

Grand Central — Do you commute into Grand Central Terminal on the Metro North, Long Island Railroad, or the MTA? Then consider this law firm sublet on Park Avenue. (A Park Avenue address will look great on a business card, too.) We have a fully furnished office with unobstructed eastern views. As always, you'll have access to a conference room and kitchen. The building has security, turnstile entry, and fast, modern elevators. 

Penn District — What if you commute into Penn Station or Port Authority, or arrive on the PATH train in Herald Square? We have a couple of nice offices for sublease in a law firm on Broadway. One office has a northern view, while the other has an eastern view. There is a large conference room with many windows, copy machines, and a kitchenette.

Financial District — Do you need an office near the New York courts? This office in the Woolworth Building is a short walk to the New York County Supreme Court, New York State Supreme Court, Surrogate's Court, Housing Court, and the New York City Civil Court. We have an extra-large executive office with two south-facing windows. The furnished office has a massive desk, guest chairs, and a sofa, but the sublandlord will remove it if you prefer to customize the office with your own furniture.

Are you looking to rent office space in a flexible workspace? 

It's often difficult to find office sublets that are the perfect fit for your business. Many factors must align, for example, the amount of space, the quality, the remaining lease term, the price, the location, the availability of furniture, the landlord's approval process, access to common areas like conference rooms and kitchens, receptionist services, IT services, etc.

It's all taken care of when you rent office space from a flexible workspace provider. Your headcount can grow or shrink within the center. The quality is generally high, as most are in Class A or B buildings. The prices are in line with the market. There are locations all over the city in virtually every neighborhood. No approval is necessary from the landlord; you only have to be approved by the provider. All flexible office providers have shared amenities like conference rooms and kitchens; most have phone booths and lounge areas; some even have gyms and outdoor terraces. And reception and IT services are available.

Midtown East — Many companies that lease office space in Midtown East have executives who live on the Upper East Side. This flexible office on Park Ave at 57th St would be ideal for someone who wants to walk to the office. The common areas at this location were recently renovated, giving it a clean, modern feel.

Grand Central—Location, location, location—that's what they say, and you can't get better than this flex office near Grand Central. If you travel into Grand Central on a rainy day, your shoes will stay dry because an underground passageway connects the two buildings. 

Garment District—This brand-new flexible workspace on 38th Street has a sleek, modern look. The offices are located on a high floor and receive good natural light. The office prices here offer tremendous value. The location would be super convenient for anyone commuting into the city via Penn Station or Port Authority. 

Financial District — Do you commute via the Staten Island Ferry? If so, these flex offices on State Street might be just what you're looking for. Talk about views. Take a gander out the window at Lady Liberty, Ellis Island, and even the Verrazano Bridge.

In summary, most of these NYC office spaces could be perfect for an attorney who is a sole practitioner or even for a small law firm. It all depends on what you need. Reach out and we'll help you find office space perfectly suited to your needs. You can start your search for office space in NYC by sharing your requirements with us.