The firm previously occupied floors 23 and 24, and a portion of 21, and will take over the remainder of the 21st floor and the entire 19th floor.
The expansion was spurred by Dykema's acquisition of 53 lawyers from another firm this summer. Those lawyers had previously been temporarily housed in space Dykema has on LaSalle Street. "This is an effort to bring all of our lawyers in one place, under one roof," Thomas R. Hill, managing member of Dykema's Chicago office, tells GlobeSt.com.
Hill says Dykema's move to the space more than a decade ago was made ahead of a larger trend in the industry. "We've found this location on Wacker is ideal for us," he says. "There has been quite an exodus of law firms from LaSalle Street in the past five to ten years to Wacker Drive, and this has really become an area with a lot of law firms. Location, transportation, accessibility to clients and to space that meets our demands - all of those reasons have made Wacker Drive a prime location for us."
Dykema will take occupancy of its new space in late Q1 of 2009, following the move out of the current tenant and a build out of the space. Renovations to the office will include substantial changes to the layout and a redesign of the lobby and conference centers. The space will house more than 130 employees.
Hill declined to disclose the lease rate on the deal. The average asking lease rate for Class A buildings in the West Loop submarket is around $39 per square foot, according to a market report by Grubb & Ellis. The submarket has an average occupancy rate of 88%. Peter Livaditis, Todd Lippman and Jason Kleiman from CB Richard Ellis represented Dykema in the lease, while Eric Myers, Sam Schaefer and Todd Rich represented building owner Tishman Speyer in house.
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