"This is a premiere building in a great location with extraordinary amenities and spectacular views," says Anthony Nasharr, Chicago managing director. "The new location will accommodate our current and anticipated growth."
Owned by Tishman Speyer, the firm's new space will accommodate 58 offices, and offers views of Lake Michigan and proximity to the Cook County Courthouse, and city, county and state office buildings.
"It is important to Polsinelli Shughart in these unique economic times to have a financially sound landlord, and we found that in Tishman Speyer," says Tom Tunnicliff, EVP with Grubb & Ellis, who represented the firm in the deal. "This is a great class A building, and we found it at an opportune time. We were able to take advantage of the aggressive economics being offered in the market."
Polsinelli Shughart's space will be renovated by Chicago-based Whitney Architects. The property is located in the Central Loop submarket, where overall occupancy is around 87%, according to Jones Lang LaSalle's mid-year office market report. Asking lease rates in the submarket average around $29 per square foot.
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