Law Firms Renew Leases on 230,000 SF

Also, Quarles & Brady LLP has elected to stay at 500 W. Madison St. for another 11 years in a 55,420-sf renewal.

Although lease terms were not disclosed for either deal, published net lease rates at the 1.44-million-sf property at 70 W. Madison St. in the Central Loop range from $15 per sf to $28 per sf, which would put the Bell, Boyd & Lloyd, LLC deal in the neighborhood of $2.6 million to $4.9 million per year. Net lease range higher at 500 W. Madison St. at $20 per sf to $24 per sf, which would make the Quarles & Brady LLP deal worth $12 million or more over the 11-year length.

Bell, Boyd & Lloyd's deal was done three years ahead of the current lease expiration is said to include reduced occupancy costs and "anchor tenant signage." The law firm already had 140,000 sf at the building owned by Houston-based Hines Interests. In addition to the expansion, Bell, Boyd & Lloyd, LLC has the option of expanding its new deal by another 70,000 sf.

Quarles & Brady has been at 500 W. Madison St., which also is the terminal for major Metra commuter rail lines, since 1989.

Julien J. Studley Inc. and Draper & Kramer represented Bell, Boyd & Lloyd. Julien J. Studley EVPs John J. Goodman and Richard Schuham, along with managing director Andrew Kelly, also explored potential relocations to newer buildings as well as planned projects before Bell, Boyd & Lloyd, LLC decided to expand.

Tom D'Arcy and Ted Minorini handled negotiations for Hines Interests.

Harvey Camins of Camins Tomasz Kritt and Greg Witt of Insignia/ESG represented Quarles & Brady, LLP. MB Real Estate SVP of leasing services John Murphy represented NACA Limited Partnership, which owns the 1.5-million-sf 500 W. Madison St.

Foremost among law firms moving markets, as well as new developments, was Mayer Brown Rowe & Maw. The firm's 480,000-sf commitment led to work beginning on a new one-million-sf office tower at 71 S. Wacker Dr.