Fox Rothschild announced Thursday that it would be downsizing its Philadelphia headquarters and moving office buildings for the first time in nearly 50 years, with the group expecting to move in on Dec. 1, 2024.

The firm, which currently holds about 133,000 square feet of office space at 2000 Market St., will shrink its Philadelphia footprint by just over 40% as it moves across the street to Two Commerce Square under a 15-year lease, according to firm chair Mark Morris.