Published net lease rates at the 1.5-million-sf building anchored by Bank One begin at $22 per sf. Terms were not disclosed, other than tenant representatives Studley saying the deal was "an extremely favorable transaction" for its client.
"They required space which would allow them to enter the Chicago market, accommodate their projected future growth and compliment their strategic plan," adds Studey senior managing director Steven LaKind, who represented Perkins Coie LLP with EVP John Goodman.
The law firm had leverage considering the building has a 30% vacancy, the Studley tenant reps say. However, that was a factor in the selection, they add, as the law firm may have flexibility to expand.John Bucheleras handled negotiations for Prime Group Realty Trust.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.