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

CHICAGO-Locally based law firm Jenner & Block LLP has officially inked its 383,000-sf, 15-year new lease at 351 N. Clark St. The 1.1-million-sf building, expected for a 2009 delivery, is being developed by a partnership led by Mesirow Financial Real Estate Inc., a division of Mesirow Financial. The financial firm and building developer has also signed for 345,000 sf in the new tower.

Bob Chodos, principal with Colliers Bennett & Kahnweiler Inc., says the transaction was unique in the fact that Jenner & Block and Mesirow Financial joined together to procure proposals from a number of developers and owners of office buildings and sites in Chicago. The goal, Chodos says, was to “maximize the leverage created by two very large, credit-worthy tenants, working in tandem to create a business solution to their respective facilities’ requirements.”

With both firms reaching lease expirations in 2010, and one wanting space in the low rise of a building, the other in the high-rise portion, “it proved to be a perfect match,” Chodos says. “A 70% preleased building delivered a capitalization structure that allowed both tenants to procure very competitive lease terms.”

Jenner & Block will be relocating from the IBM Building, located at 330 N. Wabash Ave., where the company has tenanted since the 1970s. The aging building is up against steep challenges, including the competition of newer buildings coming on line and the elimination of tenant views once the Trump International Hotel & Tower is complete.

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