Consulting Firm Renews at One S. Wacker

"The lease didn't expire until 2010," Livaditis tells GlobeSt.com. "We were able to structure a lease so it was much more reflective to the market cost structure, and would provide the flexibility to accommodate RSM's future growth. They have the right to expand 30 to 50%." He says he cannot reveal the lease rate. The average rate for the building is $17 to $20 per sf, says a Trammell Crow spokeswoman, though she says the deal was likely competitive due to the early renewal.

Other tenants in the building include Bank of America, Citigroup, Fannie Mae, Atlantic Trust Group Inc., which extended its lease for 26,195 sf of office space at One S. Wacker by 10 years in November and Attorney's Title Guaranty Fund Inc., which signed a 10-year lease for 32,000 sf, a full-floor, at the building in April. Designed by Helmut Jahn and completed in 1982, the building recently underwent a $7-million capital improvement program, adding a Lloyd's restaurant, more retail and a new fitness center. The 40-story, 1.2-million-sf building is owned by TIAA-CREF and is managed by Jones Lang LaSalle, and is 84% leased.

Steve Smith, managing director and Michael Curran, vice president of Jones Lang LaSalle, represented building ownership in the deal. Lividitas was assisted by Paul Buckingham, senior vice president and Rachel Saget, transaction manager with Trammell Crow.