M
ilbank LLP, a law firm with expertise in real estate, finance, and corporate practices, is relocating its Washington D.C. office to Oxford Properties' 1101 New York Avenue NW. The move, set for next fall, will see the firm occupy approximately 65,000 square feet on the sixth and seventh floors of the property.

    The decision comes as the law firm seeks to expand its local presence and upgrade its workspace to match its other offices in terms of efficiency and location. Milbank currently occupies a similar amount of space at International Square, a Tishman Speyer-owned property built in 1982, which was recently renovated.

    In contrast, Oxford's property is a more modern facility, completed fewer than 20 years ago and renovated twice since the pandemic began. The building boasts amenities such as a rooftop penthouse, fitness center, and conference center. Other notable tenants at the property include law firm Allen & Overy LLP and Bloomberg.

    The D.C. office leasing market remains challenging, with a vacancy rate of 22.7% in the third quarter, according to CBRE. The trend of high-quality office spaces being sought after by tenants continues, as Milbank's move highlights the importance of modern facilities and prime locations in attracting top talent.