CHICAGO-Bankers Life and Casualty, based here, has extended itslease for five years at 600 W. Chicago. Bankers has leased 207,536sf in the 1.7-million-sf building since 2003. The lease, whichwould have expired in 2013, has been extended until 2018, says LisaKonieczka, executive vice president with CB Richard Ellis.

Konieczka and Cal Wessman, also with CB Richard Ellis,represented Bankers in the lease transaction. Brad Despot, seniorvice president with Jones Lang LaSalle, represented the buildingowner. A group of New York City investors, led by real estateattorney Victor Gerstein, acquired the building in May for areported $300 million from a partnership including TaconicInvestment Partners, Angelo Gordon & Co. and Centrum PropertiesInc.

Bankers moved into the building in 2003 from the Forest Glencommunity of Chicago and was one of the first major office tenantsin the renovated eight-story building at 600 W. Chicago, saysKonieczka. The insurance company, which is a subsidiary of ConsecoInc., extended the lease because it is consolidating its space inthe building with space it had leased at the Merchandise Mart.Bankers has been leasing 114,000 sf at the Merchandise Mart since1993 and plans to now sublease the space, she says. The company isnot expanding the amount of space it is leasing at 600 W. Chicagoand chose the location because it is newer and more contemporarythan the Merchandise Mart, Konieczka says. Bankers signed the leaseextension now “in order to secure their occupancy and consolidatetheir operations as well as get some concessions to help with therenovations they need to do at 600 West to accommodate theirconsolidation,” she says.