X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Law firm Monahan & Cohen has singed a lease for 8,595 sf on the 38th floor of 55 W. Monroe St. The term of the lease is 10 years.

Wayne Shulman, with HSA Commercial Real Estate, represented the firm in the lease transaction and worked with Nikki Krohn, with Jones Lang LaSalle. The law firm is currently at 225 W. Washington St., where it leases approximately 6,500 sf, and will move to the new location in March, Shulman says.

The 41-story 55 W. Monroe was designed by Helmut Jahn in 1981 and renovated in 2002. Monahan & Cohen chose 55 W. Monroe St. because the firm needed to expand and the building offered space on a high floor for more competitive rates than the firm’s current location, Shulman says. The lease rate was not disclosed but there will be yearly escalations, he says. The lease included a “very generous tenant improvement package and an aggressive incentive package,” he says. The asking lease rate for the high rise portion of the building is $20 per sf, net.

The 803,046-sf building is 70% leased, mainly by law firms. “Medium-sized law firms have a tendency to be attracted to this building because of the proximity, which is almost equally distant between the Daley Center and Federal Plaza,” Shulman says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.