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More Than 400,000 SF Claimed in 2 Loop Deals

CHICAGO-Two tenants expand space in Downtown class A buildings in signing two of the largest leases of the year. Piper Marbury Rudnick & Wolfe stays at 203 N. LaSalle St.; Credit Suisse First Boston Corp. at 227 W. Monroe St.

By Mark Ruda | Updated on July 25, 2001

CHICAGO-Two of the largest lease deals in the Downtown market have been completed, led by a new 260,000-sf, 16.5-year commitment by Piper Marbury Rudnick & Wolfe to stay at 203 N. LaSalle St. In addition to that Central Loop deal, the popular West Loop sees Credit Suisse First Boston Corp. consolidating operations with a 155,000-sf lease at AT&T Corporate Center, 227 W. Monroe St., where the firm has been for more than 10 years.

The law firm’s lease involved a 43,000-sf expansion and 10-year extension, from 6.5 years remaining on the old to 16.5 years, at the 27-story building owned by M&J Wilkow, Ltd. and Cargill, Inc. The firm now occupies the 14th through 20th floors with an option on the 21st.

Transwestern Commercial Services executive vice presidents Mark S. Robbins and Phil Utigard represented Piper Marbury Rudnick & Wolfe. While Transwestern declined to reveal financial terms, CB Richard Ellis reports class A space is going for $18 per sf to $28 per sf, making the new deal worth $47 million to $73 million.

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