CHICAGO—The ownership of 222 N. LaSalle recently launched an effort to make the 26-story tower into a destination for technology, advertising, media and information companies, but it has also made sure to secure Vedder Price PC, the anchor tenant that has occupied space there since 1988. In one of the largest downtown leases in Chicago this year, the law firm just signed a long-term extension for 163,286 square feet in the historic riverfront building on floors 22 to 26 and the penthouse.
Joe Learner and Robert Sevim of Savills Studley's Chicago office negotiated the lease agreement on behalf of Vedder Price. Joe Gordon and Greg Tait of Tishman Speyer represented the landlord.
Savills Studley officials say they were able to negotiate terms for Vedder Price that will allow for a renovation of its space to accommodate its Chicago practice groups and the firm's global operations staff.
“As the building repositions itself to appeal to a broad set of tenants, including technology companies, ownership was cognizant of preserving its current tenant base, like Vedder Price, who have been loyal anchor tenants for nearly three decades,” says Learner. “Vedder Price utilized its longstanding relationship to create a win-win outcome for both parties, maintaining building stability for the owner and an, enhanced office environment for Vedder Price.”
The ownership has invested in a host of amenities including a new wi-fi tenant lounge, and dining options such as Prime & Provisions Restaurant and Glazed & Infused Donuts. As reported in GlobeSt.com, their most recent notable success was signing online personal lender Avant Credit to a long-term lease for about 80,000 square feet. 222 N. LaSalle will serve as its new corporate headquarters, currently in River North at 640 N. LaSalle, where the company occupies about 30,000 square feet.
“Savills Studley worked with us to understand how to address our cost profile and space needs within the context of our existing lease contract, and how to engage in discussions with ownership to help define the value add that we bring to the property,” says Vedder Price operating shareholder Douglas M. Hambleton. “We were able to work together creatively with the landlord to develop a mutually beneficial agreement.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
