Class A Tenants in West Loop Staying Put

CHICAGO—Lincoln International, a global mid-market investment bank, just closed a renegotiation of a long-term lease for its space at the 42-story Citigroup Center, 500 West Madison St., and brokers say it’s an unsurprising result. Lincoln, whose US staff has grown 60% since 2010, had occupied about 38,000-square-feet, including space on the 31^st floor, but will now occupy about 47,000-square-feet on the 38^th and 39^th floors.

“In the West Loop, when a tenant wants a good-sized space, and needs a class A office in a high-rise, there are not a ton of options,” Lisa Davidson, executive managing director of Savills Studley, tells GlobeSt.com. In fact, “if you are looking for 50,000-square-feet of class A space above the 30^th floor in the West Loop, there are only three options that would be available for occupancy today.” As a result, “we’re seeing a lot of these tenants stay in place.”