Morgan Lewis & Bockius, one of Philadelphia’s biggest law firms, has signed a lease to have built a new, $200 million headquarters at 2222 Market St. in Center City.
Parkway Corp. and Morgan Lewis signed a 20-year deal late December for the development of what will be a 19-story, 305,000-square-foot building. The law firm will occupy the entire building. The developer anticipates breaking ground this summer.
The last built-to-suit project that was completed in Philadelphia was in 2018 when Liberty Property Trust developed Comcast Technology Center. There's a chance 2222 Market may not be the only new office tower to get underway this year. Chubb, the insurance company, is also working with Parkway for a new tower at 20th and Arch streets in Philadelphia, according to sources.
Morgan Lewis had been evaluating its options for nearly two years. It considered remaining in 1701 Market St., where it has been in 289,432 square feet since 1998. The firm also looked at existing spaces in the city as well as other proposed projects but last May decided to begin negotiations in earnest with Parkway for 2222 Market.
“We just came to a consensus that we loved having our own space, loved being in the Center City community and we really liked having the ability to have some say over what that building looks like,” said Sarah Bouchard, managing partner for Morgan Lewis's Philadelphia office.