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CHICAGO-Associate Banc-Corp has renewed its lease for 27,000 square feet at the Aon Center beyond the original expiration date in 2014. The diversified bank holding company restructured its lease at 200 E. Randolph to take advantage of current market conditions and secure a low rental rate.

Associated was represented by Tiffany Winne and Lisa Davidson of Studley, while Steve Smith and Michael Curran of Jones Lang LaSalle represented building owner Piedmont Office Realty Trust.

“Associated is proactively looking to hedge against potentially steep cost increases that could occur when leases expire during landlord-favored markets, an inevitable change based on historical leasing cycles,” Winne says. “Our understanding of both our client’s needs and the landlord’s, Piedmont Office Realty Trust, enabled us to partner with the landlord to create an advantageous deal for Associated, while providing the landlord with a strong tenant for many years to come.”

Associated has 300 banking locations throughout Illinois, Wisconsin and Minnesota and total assets of $24 billion. Winne and Davidson has represented the company in six other transactions recently and are in the process of working on others. Associated’s new deal at the 82-story East Loop building includes a substantial rent-abatement package and tenant-improvement allowances.

“Locking in the lease and this tenant-improvement allowance was a huge benefit to Associated,” Winne says. “It allows the bank to amortize the cost of recent improvements over a longer term, as well as defray some of the capital costs incurred.”

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