(To read more on the net lease market, click here.)

CHICAGO-With about two years left on its lease, Butler Rubin Saltarelli & Boyd LLP has struck a new deal with Hines Interests, LP for 31,000 sf at Three First National Plaza. The law firm has been in the market since last year, according to its tenant representatives at Studley.

Butler Rubin Saltarelli & Boyd had 27,600 sf over two floors, but sought additional, contiguous space in the building it has called home since it was built in 1981. "After an exhaustive search of potential relocation options in the Central and West Loop, an early restructure and expansion package at Three First National proved to be the more fiscally prudent option," says Studley senior managing director David J. Gelfand, who has represented the law firm since 1986. Gelfand negotiated with Hines leasing director Ted Minorini.

Although terms were not disclosed, published net lease rates at the 1.4-million-sf building at 70 W. Madison St. start at $12 per sf. The law firm gets build-out allowance, rent abatement, expansion and termination options, 5,000 sf of swing space during the build-out, as well as a new lease rate in line with the current Downtown market, according to Studley. Vacancy at the 57-story building is 14.4%

In an unrelated deal, Knowledge Networks, Inc. has chosen 3,079 sf at 230 W. Monroe St. for its first office in the market. HSA Commercial Real Estate senior vice president Wayne Shulman and tenant representative Ryan Foran represented the firm in negotiations with Edward McKim and Gary Denenberg of MB Real Estate, who represented TIAA-CREF.

Instant Insights /

Law Firm Renews for 31,000 SF at 70 W. Madison

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