Although terms of the lease were not revealed, the published net rate at the Chicago Mercantile Exchange Building is $27 per sf, which would make the deal worth $4.2 million annually. The deal comes as overall vacancy in the West Loop submarket has risen to 15.8%, according to a first-quarter report from Cushman & Wakefield.
The law firm with 200 employees in the US is the largest tenant in the two buildings along the Chicago River after the Mercantile Exchange, accounting for more than 7% of the 2 million sf. "The outstanding location of 10 and 30 S. Wacker and our longstanding relationship with Equity Office made our decision to stay an easy one," says Altheimer & Gray managing partner, Jeffrey N. Smith in a statement.
Nancy Pacher and Rob Schoder of U.S. Equities Realty represented Altheimer & Gray while C.J. Dempsey of Equity Office represented the joint venture.
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