The law firm's lease involved a 43,000-sf expansion and 10-year extension, from 6.5 years remaining on the old to 16.5 years, at the 27-story building owned by M&J Wilkow, Ltd. and Cargill, Inc. The firm now occupies the 14th through 20th floors with an option on the 21st.
Transwestern Commercial Services executive vice presidents Mark S. Robbins and Phil Utigard represented Piper Marbury Rudnick & Wolfe. While Transwestern declined to reveal financial terms, CB Richard Ellis reports class A space is going for $18 per sf to $28 per sf, making the new deal worth $47 million to $73 million.
Credit Suisse First Boston says its name helped in lease negotiations. However, class A space in the West Loop ranges from $20 per sf to $32 per sf, according to CB Richard Ellis, making the firm's annual commitment worth $3.1 million to $5 million.
"We examined every option and determined that the best alternative was to expand our presence in one of the buildings where the company currently occupies space," says Michael Heyse, managing director of the Chicago office of CSFB Realty Corp.
Joe Gordon of Tower Realty represented AT&T Corporate Center ownership.
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