CHICAGO-Chicago’s largest architectural firm, OWP/P, considered four other options before deciding to remain in their 71,718-sf space in The Burnham Center at 111 W. Washington St. The deal involves a restructuring of the lease as well as an extension through 2015 that saves the firm 22% in occupancy costs, according to brokers at The Staubach Co., which represented OWP/P.
Occupancy at the 22-story Burnham Center, across the street from City Hall and County Building, is 94%. Published gross lease rates at the class-B building range from $23 per sf to $25 per sf. That would cost OWP/P’s savings under the restructuring in the neighborhood of $4 million.
Managing principals Steve Stratton and Jock Howland, as well as principal Dan Stanciu represented OWP/P, beginning with presenting the firm with 39 alternatives to a new lease. Tom Grace from Cushman & Wakefield of Illinois and Bob Six of Zeller Corp. represented the ownership group of the 610,577-sf Burnham Center.