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Thelen Reid & Priest Chooses to Dissolve; Landlords Wondering Who’s Next?

October 28, 2008

84-year old law firm Thelen Reid & Priest’s partnership voted this morning to dissolve the firm by as early as late November. The firm has succumbed to market, staffing, and economic forces. As previously mentioned, the firm occupies roughly 175,000 square feet of Class A office space locally, space which will very likely be hitting the market very soon (the listing flyers are probably being prepared as we speak!). In addition, the firm occupies several hundred thousand square feet of Class A office space across other markets such as New York and Los Angeles.

It’s unlikely that Thelen will be the last notable law firm to fall victim during this economic cycle. What’s more is that landlords will now likely dig deeper than they historically have into the financials of law firms and look to additional security prior to funding costly tenant improvements. Savvy landlords will also make an extra effort to understand how personnel departures may affect the law firms’ credit lines and facilities, and in turn their tenancy.

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