Cushman & Wakefield announced today that law firm Snell & Wilmer signed a 53,000 square foot lease renewal at Plaza Tower. Cushman & Wakefield’s Rick Kaplan, Robert Lambert and Matt Moore represented Plaza Tower in the transaction.
Snell & Wilmer has been housed at Plaza Tower, 600 Anton Blvd, adjacent to South Coast Plaza and the Segerstrom Center for the Arts since 2004. Plaza Tower, Center Tower and Park Tower collectively house ten of the 19 ‘Am Law 100’ law firms in Orange County, making these South Coast Plaza office buildings the preeminent location for law firm tenants in the submarket.
Snell & Wilmer, celebrating its 25th anniversary in Orange County, says its decision to remain at Plaza Tower was based on many factors. “Plaza Tower is an iconic building, well located in Orange County’s cultural center and in close proximity to the Santa Ana courthouses, the airport and many of our clients and peers,” said William O’Hare, Administrative Partner in charge of Snell & Wilmer’s Orange County office. “We are also pleased with the look and function of our space and with the quality of services provided by the building owner.”
According to Cushman & Wakefield’s Third Quarter Office Report, the Greater Airport Area has accounted for 50.1% of year-to-date leasing activity in Orange County, with a recorded 965,575 square feet of year-to-date positive net absorption—by far the highest in Orange County.
In addition, the overall vacancy rate in the Greater Airport Area declined 110 basis points from 14.6% to 13.5% over the past 12 months, the lowest since 3Q 2007. According to the report, the Greater Airport Area’s year-to-date new leasing activity of 3,118,269 square feet represents a growth rate of 17.4% when compared to the same time last year.
“With three contiguous floors, Snell & Wilmer is one of the largest tenants in the building and their space is a showcase of modern law firm architecture. We are pleased that they will continue to call Plaza Tower home,” said Cushman & Wakefield Director Robert Lambert, who represented the landlord.
Plaza Tower is a 21-story, Class A office building designed by renowned architect Cesar Pelli. The 470,000 square foot building is located next to the 405 freeway in Costa Mesa.
Snell & Wilmer was represented by Kevin Bender and Steve Bay of CBRE. Snell & Wilmer’s architect is Brian Koshley of IA/Interior Architects.