law firm study_new construction vs older buildings
TRANSCRIPT
THE EVOLUTION OF New York City Buildings
Eighty percent of buildings in NYC are over 70 years old ...
1960’s Vintage Building - 38,000 RSF +/-FI
FTH
AVE
NU
E
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
Eighty percent of buildings in NYC are over 70 years old ... ... and older buildings are restrictive.
+/- 38,000 RSF
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
1. Convectors at perimeter take away valuable real estate.
... and older buildings are restrictive.
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
2. Punched windows do not maximize daylight and views and make offices feel smaller.
... and older buildings are restrictive.
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
3. Columns decrease plan efficiency and and hinder future flexibility to replan.
... and older buildings are restrictive.
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
4. Columns block sightlines.
... and older buildings are restrictive.
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
5. Non-ADA restrooms require additional square footage to be taken up by ADA compliant facilities.
... and older buildings are restrictive.
ADARestroom
ADA
+/- 38,000 RSF
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
6. Multiple openings at core necessitate secondary circulation at core, which is less efficient.
FIFT
H A
VEN
UE
E 59TH STREET
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
47 SF
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
... and older buildings are restrictive.
• multiple office sizes• convectors at perimeter• vacant secretarial stations• large interior spaces• secondary circulation• secretarial to attorney ratio = 1 : 2.5• partner to associate ratio = 1 : 3.4
DN
FIFT
H A
VEN
UE
E 59TH STREET
DN
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
H.C.
STAIR #Y
STAIR #Z
MEN
WOMEN
STAIR #X
MEN
WOMENSTAIR #W
367 SFCONF (14)
241 SFATTY
127 SFATTY
124 SFATTY
124 SFATTY
126 SFATTY
253 SFATTY
249 SFATTY
124 SFATTY
246 SFATTY
202 SFATTY
126 SFATTY
253 SFATTY
254 SFATTY
243 SFATTY
201 SFATTY
128 SFATTY 126 SF
ATTY127 SFATTY
126 SFATTY
127 SFATTY
128 SFATTY
128 SFATTY
173 SFATTY (2)
172 SFATTY (2)
172 SFATTY (2) 172 SF
ATTY (2)
172 SFATTY (2)
244 SFATTY
128 SFATTY
171 SFATTY (2)
172 SFATTY (2)
173 SFATTY (2)
172 SFATTY (2)
168 SFATTY (2)
130 SFATTY
126 SFATTY
244 SFATTY
129 SFATTY
123 SFATTY
126 SFATTY
253 SFATTY
126 SFATTY
126 SFATTY
238 SFATTY
203 SFATTY
125 SFATTY
242 SFATTY
201 SFATTY
125 SFATTY
126 SFATTY
127 SFATTY
127 SFATTY
127 SFATTY
254 SFATTY
127 SFATTY
126 SFATTY129 SF
ATTY
95 SFADM
123 SFADM
114 SFADM
115 SFADM
98 SFADM
115 SFADM
129 SFATTY
132 SFATTY
131 SFATTY
244 SFADM
98 SFADM
85 SFADM
92 SFADM
236 SFADM
104 SFADM
68 SFADM
69 SFADM
76 SFADM
77 SFADM
62 SFADM
74 SFADM
123 SFADM
93 SFADM
28 SFADM
117 SFADM
47 SFSTOR
88 SFPANTRY
167 SFADM
90 SFADM
79 SFADM
80 SFADM
81 SFADM
78 SFADM
90 SFADM
269 SFADM
128 SFADM
88 SFADM
80 SFADM
83 SFADM
80 SFADM
97 SFADM
114 SFADM
140 SFATTY
129 SFADM
69 SFADM
114 SFADM
138 SFATTY
134 SFADM
139 SFATTY
135 SFATTY
130 SFADM
135 SFADM
82 SFADM
101 SFADM
91 SFADM
104 SFADM
107 SFADM
109 SFADM
110 SFADM
89 SFADM
75 SFADM
68 SFADM
74 SFADM
81 SFADM
81 SFADM
74 SFADM
77 SFADM
555 SFADM
109 SFADM
Legend
Attorney- Large Office
Attorney- Small Office
Attorney- Shared Office
Administrative Support
Conferencing
Files & Storage
Food Service
TRADITIONAL LAW FIRM PLANNINGRSF/
aTTORNEY
900+
Traditional law firm planning in older-era buildings
Loss of space in older-era buildings adds up ...
2,400
350,000
250
180
1,500
2,600
6,930
69,300
Convectors
Columns
ADA unisex restrooms
Circulation due to columns
Circulation due to secondary circulation at core
Total Rentable Area
rsf
rsf
rsf
rsf
rsf
rsf
rsf
rsf
x 10 floors
Restrictions in older buildings can result in 15% - 20% of unusable space...
NOTE: Numbers represent vintage 1968 building.
15-20%OF UNUSaBLE
SpaCE
Manhattan West solves the problems of the past.
No convectors
Floor-to ceiling windows
Column-free floor plan
aDa restrooms
Minimal openings at core
Manhattan West can be a blank canvas.
NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUT
593RSF/
aTTORNEY
• (3) attorney office sizes• secretarial to attorney ratio = 1 : 7• partner to associate ratio = 1 : 2.5
RECORDS / STORAGE / LIBRARY / SUPPORT
COPY
COPY
STOR
WORKROOM
TEL
TEL
CL
COPY
COPY
PL
PL
PL
PL
PL
PL
PL
PL
TEAM ROOMFLEXIBLE SUPPORT SPACE
SUPPORT
SUPPORT
SUPPORT
SUPPORT
FLEX
IBLE
SUP
PORT
SPA
CE
FLEXIBLE SUPPORT SPACE
aTTORNEYS
59INTERIOR ASSOCIATES
• (3) attorney office sizes• secretarial to attorney ratio = 1 : 5.6• partner to associate ratio= 1 : 2.7• associates in perimeter offices• increased number of associates
in interior offices
NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUTINCREASEd NumbER Of INTERIOR ASSOCIATES 514
RSF/ aTTORNEY
COPY
COPY
COPY
COPY
STOR
WORKROOM
TEL
TEL
CL
RECORDS / STORAGE / LIBRARY / SUPPORT
PL
PLPL
PL
FLEXIBLE SUPPORT SPACE
FLEX
IBLE
SUP
PORT
SPA
CE
TEAM ROOM
FLEXIBLE SUPPORT SPACE
aTTORNEYS
68
PDF optimised for on-screen review
Please request alternative format for high quality printing
2272_4600 version 131211
NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUT
NEW PLANNING CONCEPTS ONE-SIZE OFFICE LaYOUT
RSF/ aTTORNEY
460
• (1) attorney office size (150 sf)• secretarial to attorney ratio = 1 : 6.3
COPY
COPY
COPY
COPY
STOR
WORKROOM
TEL
TEL
CL
RECORDS / STORAGE / LIBRARY / SUPPORT
COPY
COPY
COPY
COPY
PL
PL
FLEXIBLE SUPPORT SPACE
FLEX
IBLE
SUP
PORT
SPA
CE
TEAM ROOM
FLEXIBLE SUPPORT SPACE
PL
PL
aTTORNEYS
76
NEW PLANNING CONCEPTS ONE-SIZE OFFICE LaYOUT
PDF optimised for on-screen review
Please request alternative format for high quality printing
2272_4500 version 131211
NEW PLANNING CONCEPTS TEaM CONCEpT/pROGRESSIVE
RSF/ aTTORNEY
372
• secretarial to attorney ratio = 1 : 7.8• attorneys in perimeter offices and
teaming areas
STOR
WORKROOM
RECORDS / STORAGE / LIBRARY / SUPPORT
aTTORNEYS
94
NEW PLANNING CONCEPTS TEaM CONCEpT/pROGRESSIVE
PDF optimised for on-screen review
Please request alternative format for high quality printing
2272_4400 version 131217Manhattan West, New York City | Team Concept
Manhattan West opportunities
FUTURE-FOCUSED BENCHMARKING: REaL ESTaTE SaVINGS
900 800 700 600 500 400 300 200 100 0RSF / ATTORNEY
Insurance BankingInvestment
TechnologyConsulting
Current target planning for law firms inolder era buildings
GREaTER EFFICIENCIESNEW CONSTRUCTION BIGGER SaVINGS
Existing for many law firms today • No convectors
• No columns• No additional circulation
due to core & columns• Increased capacity due
to flex zone
w/ amenities (add 70- 100 rsf/attorney)
$ $ $ $ $ $ $
NEW PLANNING CONCEPTS aMENITIES FLOOR
CLaSS ROOM & MEETING ROOMS 85 SEaTS
BOaRDROOM 80 SEaTS
aUDITORIUM 168 SEaTS
paRTNER LUNCHES 168 SEaTS
Starting Base Rent/PSF
Total Aggregate Costs/ NPV ($ millions)Total Savings/ NPV ($ millions)
7% annual discount rateIncludes OT AC savings
$78
593296,500
$85$256$117
$373
450,000900 372514 460
EXISTING BUILDING V. MANHATTAN WEST- RENT SAVINGS ANALYSIS
15 YEAR TERMS
EXISTING BUILDING-TRADITIONAL LAYOUT
MW- ONE SIZELAYOUT
MW- TRADITIONAL(INTERIOR
ASSOCIATES)MW- TRADITIONAL MW- TEAMING
Total Leased RSFRSF/Attorney
257,00$85$222$151
230,000$85$199$175
186,000$85$161$213
EXISTING BUILDING V. MANHATTAN WEST: RENT SaVINGS aNaLYSIS
Thank you