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CHICAGO-True Partners, a tax and business advisory firm, has expanded its lease at 225 W. Wacker Dr. The firm added 15,114 sf to their lease for a total of approximately 40,000 sf. The term of the lease is longer than seven years.

Matt Carolan and Steve Steinmeyer, both EVPs at Jones Lang LaSalle, represented the tenant in the lease transaction. Mark Gunderson and Monica Moore, both with Jones Lang LaSalle, represented building owner JP Morgan. The tenant has been in the building since 2005, which serves as the firm’s headquarters, Carolan says. True Partners is a “fast growing company” and needed additional space because “they have grown their client base,” he says. “With that, they have been attracting and recruiting top talent.”

The firm leases 25,000 sf on the 16th floor and will lease approximately two-thirds of the 15th floor. Being able to expand into contiguous space was important to the firm, Carolan says. The tenant will be moving into the additional space in January. Other tenants at 225 W. Wacker Dr. include Merrill Lynch and Wildman Harrold. The asking lease rate is between $21 per sf and $23 per sf, net, Carolan says.

The 650,000-sf building is currently well-leased with only a 6% vacancy, Carolan says. However, the building’s vacancy is expected to increase sharply when Morningstar Inc. moves out of the building in the fourth quarter. Morningstar is currently leasing about 150,000 sf at 225 W. Wacker, but will be moving into about 200,000 sf at 22 W. Washington St., the office portion of the Block 37 development. Market experts have been projecting that the vacancy caused by Morningstar leaving will be expected to be played out again and again across Chicago’s Central Business District as several new buildings will come online in the upcoming year.

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