Deloitte Leases 145,000 SF at 50 South Sixth

The company is moving into space currently occupied by Fallon Worldwide, which is looking for space elsewhere, according to Welsh Cos. senior associate Nils Snyder. He leases space for Frankford, Germany-based KanAm Grund, the landlord for 50 South. Hines is the property manager. He couldn't comment more on Fallon, and Charles Caturia, the CB Richard Ellis broker helping Fallon look for new space, was unavailable for comment.

Snyder tells GlobeSt.com that Fallon plans to leave the space by the second quarter of 2008. Deloitte will take all of Fallon's space, letting the building stay 95% occupied, he says. "We're very happy to be working with Deloitte, the transaction was a win-win for all parties involved," Snyder says. "The property was built in 2001, and we've been 95% occupied since." He says he can't comment on the length of the lease or the rates, but says the space is offered for $12 to $22 per sf, net, depending on the space location and term.

A Deloitte official could not be reached for comment. In a statement, officials say the new office will follow a new company redesign, which places senior managers on the interior of the floor. "The space is designed as an open space environment, creating 'neighborhoods' that are conducive to the teamwork and collaboration," according to the statement. "As a result of extensive internal research, many of the office design components provided in the new location are what Deloitte professionals said they needed to function better and feel more connected to the firm." The building also has amenities such as four restaurants, a coffee shop, a convenience store, banking services and a child care development center.

Snyder says the building has been very well received in the extremely strong marketplace. "We're seeing definite positive absorption across the board," he says. "Space is becoming more tight, rates are going up and concessions are on the decline.