The law firm signed a 10-year lease for 15,000 sf of the building's 21,000-sf 10th floor. Founded in 1948, the firm for the past 30 years has been located one block away at Pacific Tower, a four-story, 24,000-sf building built in 1975 and owned by developer Ed Pietz.

Law firm partner Zach Stoumbos says the firm's 17 attorneys and eight support staff are now spread throughout the building, such that moving to a single-floor will bring significant efficiencies. The move will occur this summer, leaving Pacific Tower largely vacant.

Landerholm was represented in its lease negotiations by Roger Qualman and Charlie Kleier, both partners with Norris, Beggs & Simpson. Tom Usher and Mark Carnese of Cushman & Wakefield represented the owner, STU Partnership, a joint venture of Louisiana-based CenturyTel and the locally based Schlesinger family.

The lease leaves just several thousand sf available at Bank of America Financial Center, though CenturyTel could give up more space in the building. In the last 60 days, C&W also has leased 8,387 sf on the fifth floor to Consolidated Freightways and a smaller space to Potlatch Corp., a Spokane, WA-based wood products company.

The negotiated lease rates on the transactions were not released by the parties involved, however; the full-service asking rate for space in the building is $18.50 per sf per year, and a large tenant making a long-term commitment could negotiate a discounted lease rate, an above-standard tenant improvement allowance, or quite possibly both. The law firm fits that bill, while the lease to CF, which is in the process of shutting down its operations, is short term, and the Potlatch lease is relatively small.

CenturyTel has made a bit of a habit of relinquishing space in the building for large tenants and the Schlesingers, which run the building's day-to-day operations, have been willing to get creative to secure tenants. In April 2003, it vacated the 20,754-sf sixth floor, making way for Millennium Funding Group. The mortgage services firm inked a seven-year lease at or below the asking rate and, as part of the incentive package, initially only has to pay rent on 14,000 sf while gaining access to the entire floor. Building owner Mark Schlesinger told GlobeSt.com at that time that Millennium would begin paying for the remaining 6,000 sf in different increments throughout the life of the lease.

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