CHICAGO-Pierce & Associates, P.C. is moving from 18 S. Michigan Ave. to 1 N. Dearborn St. after signing a 49,760-sf lease. Besides capitalizing on soft Downtown office market conditions, the law firm representing the mortgage banking industry joins a trend of tenants also seeking more up-to-date space.

Although published gross lease rates at the building are $23 per sf to $25 per sf, the deal was at a below market rate, according to Equis Corp. SVP Steve Schneider, and includes a build-out for future growth of the firm.

While Schneider handled negotiations for the law firm, Mark Buth and Ellen Trager of MB Real Estate represented One North Dearborn, LLC, which paid $45.6 million for the 830,000-sf office building in 1998.

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