CHICAGO-Horwood Marcus & Berk is moving into 29,000 square feet at 500 W. Madison by December. In another example of mid-sized professional firms taking advantage of a tenant’s market, the law firm is relocating and expanding from its 22,000 square feet at 180 N. LaSalle.

Rick Schuham, EVP and director with the Chicago office of Studley, says Horwood signed a lease for cheaper than the local comparable asking rate of $18 to $19 per square foot. “The building they were in only had a floorplate of 22,000 square feet, and they needed more space, but didn’t want to be on multiple floors,” Schuham tells “The deal, for more than 10 years but less than 15 years, was done significantly lower than the asking price.”

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