CHICAGO-Neal, Gerber & Eisenberg LLP has renewed its anchor space at Two N. LaSalle St., a 26-story office tower owned by Harbor Group International. The law firm dropped about 10% of the space it has occupied since 1990,and took a 10-year lease for 179,451 square feet.
The building at the corner of LaSalle and Madison is about 95% occupied, says Tamara Kos with Transwestern. She and Christy Domin represented ownership, while Todd Lippman and Kyle Kamin with CB Richard Ellis represented the tenant in the transaction.
“For the most part, the larger law firms are staying put, while the small to midsize firms are either expanding or downsizing based on their business model,” Kos tells GlobeSt.com. “With some firms that downsized, we’re getting a few spinoff firms out in the market looking for space.”
She says that first quarter lease interest has been so intense, she’s had trouble keeping up. “I”ve personally not been this busy since 2007,” Kos says. “It’s going to be a great year if activity stays where it is.”
Kos says she can’t reveal the lease rate, but says the tenant did not get a rent reduction in the renewal. “There were some concessions made,” she says. The building leases for the upper teens to $20 per square foot, she says.
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