Hinshaw Extends Lease for 153,000 SF

CHICAGO-Hinshaw & Culbertson LLP has extended its lease for 153,000 square feet at 222 N. LaSalle St. The new deal takes the national law firm through May 2018 at the 961,000-square-foot building, where it has been headquartered since 1987.

Building owner Tishman Speyer was represented in-house by Joseph Gordon and Jonathon Cordell, while Hinshaw was represented by Nancy Pacher and Kaye Gregg of US Equities Building Reps in the deal.

At the southwest corner of LaSalle Street and Wacker Drive, the property offers views of the Chicago River and proximity to City Hall. “The location makes it convenient for the firm’s attorneys to visit a client, attend to court appearances, and get to and from the train stations and subways,” said Paul R. Boken, executive managing director for Hinshaw. “The building is well-maintained which reflects well on the firm when clients come by.”

“Hinshaw & Culbertson’s decision to extend its long-standing presence at 222 North LaSalle underscores the firm’s position as one of Chicago’s most important law firms and its desire to be at a prime location,” said Casey Wold, senior managing director for Tishman Speyer. Constructed in 1926 and updated with infrastructure and amenities in 1985, the building offers an indoor heated valet parking garage and access to public transportation.

The 26-story property is around 87% occupied right now, but has historically maintained higher occupancy closer to 95%. The building is located in the Central Loop submarket, where average occupancy rates are around 87% and asking lease rates are near $39 per square foot gross, according to Cushman & Wakefield’s year-end office market report.