Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-McAndrews, Held & Malloy Ltd. has expanded to a long-term lease for 73,177 sf at Citigroup Center, at 500 W. Madison. The law firm had previously been leasing 68,000 sf, says David Burkards, assistant VP with MB Real Estate. The firm is also occupying between 6,400 sf to 6,500 sf on a temporary basis that it may choose to keep as well, Burkards tells GlobeSt.com, meaning the firm would occupy more than 79,000 sf.

Burkards and SVP Daniel Nikitas, represented the law firm. Ann Tomlinson represented the building owner, an affiliate of GE Pension Trust. The law firm was founded in 1988 and has been a tenant in the building since its inception, Nikitas says.

When the tenant moves into the expanded space later this year, the firm will occupy the entire 34th and 35th floors of the 43-story building. The firm is expected to move into the new space in the third quarter of this year, he says. Incentives included some free rent and a tenant improvement allowance. “It was a very generous concessions package,” Burkards says. The firm reviewed other locations but chose to remain at the Citigroup Center because of its location in Chicago’s West Loop and connection to Metra Ogilvie Transportation Center, Burkards says. “It is very convenient for many of the partners with the train station in the building,” he says. The building is also across the street from Union Station and near the Dan Ryan expressway.

The 1.4-million-sf building was constructed in 1987 and renovated in 2005, and is 90.5% leased. The asking lease rate is between $19 per sf and $27 per sf, with the rates for the high rise portion being on the higher end of the range, Burkards says. Other major tenants include the US Census Bureau, the US Department of Education and Orbitz.

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?


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.