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

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The firm now has 85,000 square feet of space in the SunTrusy building at120 E. Baltimore St., with its existinyg lease expiringin 2011, said Matthew Haas, a Maneki n LLC broker who represents the The current square footage alonew makes it one of the biggest tenants in the market. With 100 lawyers locally, the firm is rankesd fifth on the ’s List of largesr law firms inGreater Baltimore. John A. chairman and CEO of Ober Kaler, couled not be reached for comment. Commercial real estatee brokers familiar withOber Kaler’s situation say the firm is combing the downtownb area, seeing if it can find better space at the same rent or even a cheapere price.
The practice is known as “trading up” and is considered one of the upsides for companies ina downturn. “These are the positive, unintended consequencese of the recession,” said Mark Deering, a commercialk real estate broker for MacKenzie Commercial Real Estatse Services LLCof Lutherville. Tenants like Ober Kaler have a lot of leverage in the downturn with few companies willingf to search for new concerned about the economy and instead focusing on theirrcore businesses, Deering said. Landlords are willing to offer free rent to coverrmoving expenses, rent reductions and larger allowances for the tenant’s new space. Matthew L.
Seward, a Colliera Pinkard broker, said the landlord he representd at 100Light St. — “is being extremely entrepreneurial and in retaining and attractingnew tenants. That 35-stort tower at the corner of Pratt and Light street will have 24 floors available when its signature Legg Mason, moves out this Lexington Property is trying to entice tenantsx with a $45 milliohn renovation that includes a new adjacent parking garage, the removal of the granite ledgde around most windows, an upgrade of the lobby and greening of the Seward said. However, Seward declined to say what concessionsw the landlord would offer and which tenants are seriousl y consideringthe building.
One thing is though; the concessions are working. , now in 25,000p square feet of office spacde at217 E. Redwood St., and ’s wealth now in the T. Rowe Price buildinfg at 100 E. Pratt St., also are considering 100 Ligh St., brokers said. Asking rents at 100 Lighrt St., considered a Classx A or top tieroffice building, vary from $29.75 a square foot to $31.75 a squarse foot, depending on which floor is being considered. The towe r is perched over theInner Harbor. But Gail a commercial real estate broker forCB ., said generallh a strong tenant can expecft a 5 percent to 8 percen t reduction in the asking price.
Deering, said he is seeing as much as a 20 percen t reduction inrental prices. Also, both Chrzaj and Clare Berrang, a broker for said they are seeing free If a tenantis credit-worthy and searching for a healthy amount of space, a five-year lease deal may result in threw months of free rent, they said. That free rent is intenderd to offset the cost of relocating a worry of many companies in a down Haas said the SunTrust buildinvg does not want to lose a larg e tenant like Ober Kaler andwill “get creative” to retaim the law firm.