CHICAGO-VOA Associates has renewed their lease at the Santa Fe building, 224 S. Michigan Ave., and is expanding to occupy two full floors of the 17-story building. VOA signed a lease for 45,743 sf, which is an expansion of approximately 15,000 sf, says John Goodman, executive vice president with Studley.

Goodman, executive vice president Richard Schuham and corporate managing director Andrew Kelly, all with Studley, represented VOA in the lease transaction. Paul O’Connor, with Hamilton Partners, represented the building owner. The term of the lease was not disclosed.

VOA has been a tenant in the building for the past 17 years and its lease was to expire in 2009, Goodman says. The space the architecture and design firm currently occupies is “very tight,” he says. “They are redesigning and remodeling their space to allow for additional hiring and to accommodate their growth,” Goodman says. VOA will occupy 12% of the 388,000-sf building on the 13th and 14th floors, Goodman says. Incentives with the lease included a full renovation package and free rent to back-fill the expansion space.

The 388,000-sf building is owned by Hamilton Partners which acquired the building in 2005 for a reported $53 million. The building is currently about 80% leased. Major tenants include VOA, Skidmore, Owings & Merrill and Eimer Stahl Klevorn & Solberg LLP, he says. The asking lease rate is approximately $30 per sf gross, or about $15 per sf net, Goodman says.

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