X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Two of the largest lease deals in the Downtown market have been completed, led by a new 260,000-sf, 16.5-year commitment by Piper Marbury Rudnick & Wolfe to stay at 203 N. LaSalle St. In addition to that Central Loop deal, the popular West Loop sees Credit Suisse First Boston Corp. consolidating operations with a 155,000-sf lease at AT&T Corporate Center, 227 W. Monroe St., where the firm has been for more than 10 years.

The law firm’s lease involved a 43,000-sf expansion and 10-year extension, from 6.5 years remaining on the old to 16.5 years, at the 27-story building owned by M&J Wilkow, Ltd. and Cargill, Inc. The firm now occupies the 14th through 20th floors with an option on the 21st.

Transwestern Commercial Services executive vice presidents Mark S. Robbins and Phil Utigard represented Piper Marbury Rudnick & Wolfe. While Transwestern declined to reveal financial terms, CB Richard Ellis reports class A space is going for $18 per sf to $28 per sf, making the new deal worth $47 million to $73 million.

Credit Suisse First Boston says its name helped in lease negotiations. However, class A space in the West Loop ranges from $20 per sf to $32 per sf, according to CB Richard Ellis, making the firm’s annual commitment worth $3.1 million to $5 million.

“We examined every option and determined that the best alternative was to expand our presence in one of the buildings where the company currently occupies space,” says Michael Heyse, managing director of the Chicago office of CSFB Realty Corp.

Joe Gordon of Tower Realty represented AT&T Corporate Center ownership.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.