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CHICAGO-Madison Dearborn Partners LLC is relocating to 58,102 sf within 70 W. Madison St., known as Three First National Plaza. The term of the lease was not disclosed. The private equity investment firm expects to eventually lease nearly 70,000 sf on the 45th, 46th and 47th floors of the building, says Greg Gerber, principal and managing director of John Buck Co.’s strategic advisory group.

The firm has occupied space in the building since 1985, Gerber says. Madison Dearborn Partners is named for the corner of Madison and Dearborn streets and being able to remain in the building was important, he says. The firm is currently occupying 37,618 sf on the 37th and 38th floors of the building and will be moving, in August, to space being vacated by Sara Lee Corp. The asking lease rate is $27 per sf, net, Gerber says. “Our deal was substantially less and, part of it, had to do with Sara lee making a deal to buy out a portion of their space,” he says. Madison Dearborn Partners also received a tenant improvement package and some free rent, he says.

Gerber and Ari Klein represented the tenant. Building owner Hines was represented internally by Ted Minorini.

The 1.4-million-sf building, which was constructed in 1981, is 91% occupied. Other tenants in the building include the Private Bank, Bell, Boyd & Lloyd LLP and Morgan Stanley, Gerber says.

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