EOP senior vice president Pat Callahan would not reveal thefinancial terms of the deal. "With more vacancies in the currentmarket, tenants can take advantage of long term planning, and thatwas really the key component in retaining (Heller)," Callahan toldGlobeSt.com. "They wanted a fair-market deal that could take careof their future growth—and that's what we gave them."

Based on other recent deals, however, it's safe to assume EOPthrew in a new-tenant-like tenant-improvement allowance, likelybetween $30 and $50 per sf. As to lease rate, a tenant of HellerEhrman's size and tenure likely would get a substantial discount onthe average annual full-service asking rate in town, which Callahansays is currently running in the high $30s per sf.

Heller has been a tenant in the tower since it initially openedits doors here in 1988 with 41,000 sf. At present, the firmoccupies floors 57 and 59 through 62. As a condition of itscontinued occupancy, the firm requested it be given floor 58 toprovide for completely contiguous space beginning next January.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.