Law Firm Signs 52,131-SF Renewal at 1 S. Wacker Dr.

Although terms were not disclosed, published net lease rates at the building range from $12 to $16 per sf. Jones Lang LaSalle managing director Steve Smith and leasing director Mike Curran represented TIAA-CREF, owner of the property that boasts a vacancy rate under 9% despite the emergence of some high-profile neighbors. Not only did Rreef's $410-million purchase of UBS Tower set a high water mark at $315 per sf, its builder, John Buck Co., has leased 80% of its new one-million-sf tower at 111 S. Wacker Dr. Meanwhile, leasing activity at the Hyatt Center at the 1.55-million-sf 71 S. Wacker Dr. has passed the one-million-sf mark.

Pretzel & Stouffer, whose practice includes real estate, is one of the building's original tenants, notes Studley executive managing director Lisa Davidson, who represented the law firm along with executive vice president John Goodman. "One S. Wacker continued to be the best location for our firm, offering a comprehensive package that made this the ultimate choice," says Pretzel & Stouffer partner Lewis M. Schneder, who adds Studley's team "conducted an exhaustive search of potential relocation options within the West Loop."

In addition to competitive and flexible lease terms, the space occupied by Pretzel & Stouffer is undergoing "a complete floor-to-ceiling renovation," Davidson adds.

In addition to keeping a tenant since 1982, Smith and Curran also landed Tetra Tech, Inc., which signed a new lease for 26,342 sf. The engineering and technical services consulting firm was represented by Conner Kerr and Lisa Konieczka of CB Richard Ellis.