(To read more on the net lease market, click here.)

CHICAGO-Law firm Drinker Biddle & Reath LLP is staying in the Central Loop, but moving about three blocks north to 161 N. Clark St. Equity Office Properties Trust signed the firm to a 17,400-sf lease, about twice the space Drinker Biddle & Reath had at 115 S. LaSalle St.

Drinker Biddle & Reath took the entire 48th floor of the 50-story, 1.1-million-sf office building across the street from the Daley Center and James R. Thompson Center. In addition to its location, “sweeping views” from the 48th floor were a factor in the law firm’s decision, says Studley managing director Tiffany Winne. She represented Drinker Biddle & Reath in negotiations with Equity Office Properties leasing director Jack O’Brien, whose company owns the building in a joint venture with TIAA-CREF.

Most recent occupancy at the building was 90.3%. While terms were not disclosed, average gross rates being paid at 161 N. Clark St. are $29.37 per sf, according to Equity Office Properties’ most recent financial reports. The building is the largest property in the REIT’s Downtown portfolio behind 10 & 30 S. Wacker Dr. It is larger than any of Equity Office Properties’ suburban holdings except for the five-building, 1.1-million-sf Westbrook Corporate Center in Westchester.

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