Seattle’s Largest Law Firm Shrinks Footprint, Upgrades Office: What the Perkins Coie Move Says About CRE Trends
Seattle-based law firm Perkins Coie, one of the region’s legal heavyweights, has officially announced a major change to its office strategy: downsizing its physical footprint by nearly half while upgrading to a premium space in the Russell Investments Center. This decision reflects broader trends in the commercial real estate (CRE) landscape and highlights how leading professional service firms are adapting to the post-pandemic workplace.
A Strategic Shift in Space
After decades headquartered at 1201 Third Avenue in the heart of downtown Seattle, Perkins Coie has signed a lease to occupy approximately 150,000 square feet at the Russell Investments Center on Second Avenue. That’s roughly 50% less than its prior footprint. Despite the reduction, the firm sees this as a forward-looking investment, aligning with its adoption of a long-term hybrid work model that emphasizes flexibility, collaboration, and employee wellness.
The Russell Investments Center—one of Seattle’s premier LEED-Platinum certified buildings—offers sweeping waterfront views, modern collaborative workspaces, on-site wellness amenities, and high-end conferencing capabilities. These features were likely key factors in the firm’s decision to relocate its more than 800 attorneys and staff.
Law Firms and the New Office Normal
Perkins Coie’s move is part of a growing trend among law firms across the country. The sector has embraced hybrid work policies and reduced space needs while remaining committed to physical office environments that offer prestige and productivity. Rather than abandoning downtown altogether, these firms are choosing to “right-size” and focus on quality over quantity.
By opting for a high-end but smaller space, Perkins Coie reinforces the emerging CRE principle that Class A office properties in prime locations will continue to perform—even as older or less desirable inventory faces prolonged vacancy. In fact, Seattle’s downtown office vacancy rate remains near 19%, but demand for trophy assets remains resilient.
Implications for the Seattle Office Market
The Perkins Coie lease signals cautious optimism for downtown landlords and investors. It shows that institutional tenants are willing to make long-term commitments—so long as the offering aligns with modern workforce expectations. For brokers and developers, this reinforces the value of investing in amenities, sustainability, and location quality.
It also raises an important question for owners of legacy buildings: how will they compete in a market increasingly driven by hybrid work models and tenant experience?
Final Thoughts
The law firm’s new lease isn’t just a relocation—it’s a statement on where the Seattle market is headed. Office space is no longer just about square footage; it’s about flexibility, employee satisfaction, and strategic alignment with how teams operate today.
As companies rethink their real estate decisions post-COVID, Perkins Coie’s move offers a valuable case study in how to adapt—and thrive—in the evolving CRE landscape.
Weitz - I've thought since the start of COVID that this would be a SLOW transition for many businesses and office space landscape. In the commercial world, many of the leases are 5-10 years or even more. COVID purely changed the way we work. No longer are the days of individual offices. Today's environment is far more about hybrid models, collaborative spaces and amenities. Of all the businesses that I would expect to not go to this model, it would be the legal world given the sensitive nature of many conversations held at firms. To see Perkins go toward this model is very telling. In my eyes, it shows that the big downtown office environment is a slowly moving but moving dramatically.
I believe the best way to invest in commercial is out in the suburbs and more collaborative environments in areas that don't currently have Class A space.
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