Although terms of the long-term deal were not disclosed, published asking net lease rates for space on the upper floors of the building start at $18 per sf. The deal includes retrofitting the space to accommodate technology needed for Bear Stearns' operations.
Bear Stearns hired CB Richard Ellis in September to help consolidate operations from what used to be five Downtown locations. A CB Richard Ellis team of Todd Lippman, Gregg Witt and Jim Whalen handled negotiations with Tom D'Arcy and Ted Minorini of Hines Interests.
In an unrelated Central Loop deal, Purcell & Wardrope Chartered has taken 11,418 sf at 10 S. LaSalle St. Kim Robare of CB Richard Ellis represented Madison LaSalle Partners LLC, owners of the building.
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