Rubinos and Mesia Engineers will continue to occupy 14,480 sf at the Borg Warner Building, across the street from the Chicago Art Institute at 200 S. Michigan Ave. Meanwhile, Futterman & Howard has renewed its lease on 12,925 sf less than a block away at 122 S. Michigan Ave. The law firm occupies the 18th floor of the 21-story building that traded last summer for $30.25 million, or $55 per sf.
HSA Commercial Real Estate senior vice president Wayne Shulman, CCIM, represented Berwind Property Group, owner of 200 S. Michigan Ave., while David Stein of Steinco Inc., represented Rubinos and Mesia Engineers in the long-term lease renewal. Equis Corp. senior vice president Michael Bishop and vice president of transaction management Barry Bass represented Futterman & Howard while Klaff Realty, LP, the owner of 122 S. Michigan Ave., was represented in-house by Dan Fernitz.
The latter deal was made despite several years remaining on the original lease, Bishop says. "Not only were we able to secure a lower rental rate, but we were also able to provide Futterman & Howard with a significant retrofit allowance in the southeast Loop transaction," he adds.
Gross rental rates at 122 S. Michigan Ave. range from $22 per sf to $26 per sf, and from $25 per sf to $26 per sf at 200 S. Michigan Ave.
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