The leases absorb about 10% of the vacancy created earlier this year when the Preston, Gates & Ellis law firm vacated 200,000 sf in the building in favor of Downtown's newest skyscraper, IDX Tower. EOP Leasing Director John Hansen tells GlobeSt.com the building is now 76% occupied.

Black Lowe & Graham are taking the 14,495-sf 48th floor, one of several floors vacated by Preston, Gates & Ellis. Abbott Davis Rothwell Mullin & Earle P.C. will move into 5,282 sf on the 28th floor. Hansen would not discuss the negotiated lease rates on the transactions, but the asking rate for the spaces was about $30 per sf, full service, not including concessions, which as of late typically have included a substantial tenant improvement allowance and as much as one year of free rent. As well, EOP is giving away a full commission to the tenant's broker and an extra $2,000 bonus to the procuring broker for each transaction completed before the end of the year.

Matthew Christian from Colliers International represented Black Lowe & Graham in its deal. Mark Stratz from CB Richard Ellis represented Abbott Davis. Hansen represented EOP in the transactions.

B of A Tower is in the midst of a $5-million renovation that is slated for completion by the end of 2003. The focus of the project is the Tower's Fifth Avenue lobby and adjoining third level of retail space. The goal is to improve the building's curb appeal and add warmth to the lobby.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.