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CHICAGO-The Chicago Stock Exchange has relinquished more than half its space in a restructuring of its lease, which leaves them with 50,000 square feet at One Financial Place. The exchange formerly leased 112,000 square feet in the 40-story building it has occupied for 25 years, but gave back 62,000 square feet in recent negotiations. It will continue to operate out of the seventh and eighth floor of the 1-million-square-foot building, at 440 S. LaSalle St.

The exchange was represented by Lisa Davidson, executive managing director, and Richard Schuham, EVP and co-branch manager, both with Studley, while building owner Behringer Harvard was represented by Mark Gunderson of Jones Lang LaSalle.

“The shift to electronic trading made the trading floors unnecessary for the exchange to operate,” Davidson says. “We convinced the landlord that the overall building tenancy would be stronger into the future if it took back the trading space now and was able to secure a new long-term tenant.” Studley declined to disclose the lease term on the deal.

The 62,000 square feet returned to the building encompassed space on the fourth and fifth floors previously used as a trading floor, data center and offices. The building, which is 95% leased, is located in the Central Loop submarket where occupancy rates are around 87%, according to Grubb & Ellis’ Q1 office market report. Asking lease rates in the submarket range from $31 to $38 per square foot, according to Grubb’s research.

Behringer Harvard bought the property from Beacon Capital Partners as part of a portfolio of four buildings in downtown Chicago for $832 million in November 2007. Built in 1985, the building is known as the southern anchor of Chicago’s Financial District and is connected to the Chicago Board of Options Exchange, which in turn connects to the Chicago Board of Trade.

The building’s tenant mix includes financial and energy firms, as well as award-winning French restaurant Everest on the top floor. The office tower offers tenants proximity to public transportation, an underground parking garage and 45,000-square-foot landscaped outdoor plaza.

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