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Law Firm Leases 211,000 SF at 321 N. Clark St.

CHICAGO-The largest Downtown office lease this year, a deal in the neighborhood of $70 million, takes 211,000 sf of space at the old Quaker Tower off the market. Occupancy is back up to 81% when two moves are taken into account.

By Mark Ruda | Updated on August 01, 2002

CHICAGO-The largest Downtown office lease of 2002 puts Hines Interests LP ahead of schedule in tackling anticipated rollover at 321 N. Clark St., as well as signaling confidence in a soft rental market, brokers involved in the deal say. Although terms of Foley & Lardner’s 211,000-sf lease were not disclosed, the value of the deal is believed to be more than $70 million based on asking lease rates at the former Quaker Tower.

Following a merger with Hopkins & Sutter last year, Foley & Lardner had 400 employees in 100,000 sf at Three First National Plaza and 120,000 sf in Prime Group Realty Trust’s IBM Plaza. The law firm has another nine years left on an inherited lease at Three First National Plaza while the remaining term is five years at IBM Plaza, two blocks east of 321 N. Clark St. Grubb & Ellis senior vice president Jim Lockhart says about 20% of the new sublease space is committed, most of it at Three First National Plaza.

Despite leaving sublease space, the deal makes a statement in a Downtown market where direct vacancy is 10.7%, but 16.4% in the River North submarket.

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