They also can help stabilize a market already reeling from increasing vacancies. Katten Muchin Zavis Rosenman certainly will at Tishman Speyer Properties' 25-story West Loop building at 525 W. Monroe St., where the law firm has called home since 1985. Katten Muchin Zavis Rosenman will stay in its 245,000-sf space, about 30% of the building, through 2020. The deal also includes two five-year options.
Although lease terms were not disclosed, asking net rental rates at the building have ranged from $20 per sf to $23 per sf, which would make the worth $83 million to $96 million.
"After careful consideration of over 30 potential locations in existing and new buildings, it was determined that this location was the optimal choice for the firm," says Jones Lang LaSalle managing director Melissa Copley. She represented the law firm with vice president Steve Steinmeyer, while Vicki Noonan, Pam Parasugo, and Tom Feldstein of Tishman Speyer Properties represented limited liability corporation that includes Traveler's Insurance.
While a major lobby renovation is underway at the building along with a new canopy, the Katten Muchin Zavis Rosenman space also will get a makeover overseen by Jones Lang LaSalle's project and development services group.
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