Law firms are shaping the future of the downtown commercial real estate market in New York City and changing the nature of the business focus within an environment that has notoriously been synonymous with the financial industry.
New York, NY (PRWEB) January 22, 2010 -- The Oakwood Law Group has signed a long term lease with 40 Wall Street in New York City. The law group had been leasing space at this location from the Herzfeld & Rubin Law Firm. That space was once occupied by the Africa Israel Group --an international holding and investments group. This new lease arrangement is distinguished in that it falls under the guidelines of the NYC Downtown revitalization plan and helps to answer questions surrounding the fate of office vacancy levels that had increased with the departure of a large law firm within one of the most recognized buildings in downtown Manhattan.
As the New York City Downtown corporate culture enters a new decade, the dynamic feel of the financial district is changing as well. Wall Street began as an important shipping port during the colonial period of New York City. As the years passed, the area became an important financial district. By the late 21st century, the need for faster and faster telecommunications systems caused many banking and financial brokerage firms to move away from the older buildings that comprise the vast majority of the downtown skyline.
With the New York real estate vibrancy of the early 2000's, many of these office buildings were transformed into residential condominiums. Yet, this conversion came to a halt with the economic downturn ushered in by the sub-prime economic crisis.
Today, law firms are breathing new life into the downtown office space.
40 Wall Street is an important historic landmark which at one time held the title of the world's tallest building.
The Oakwood Law Group is an intellectual property law firm with its main corporate offices located at 40 Wall Street in New York City. Its decision to remain at 40 Wall Street at a time when New York City commercial occupancy rates are at all time lows is a testament to the management of the building itself and exemplary of the trend for law firms to seek the downtown NYC location.
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