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Law Firms Keep Space at 180 N. LaSalle

CHICAGO-Cremer, Kopon, Shaughnessy & Spina finds its best option is staying at Prime Group Realty Trust's 770,191-sf Central Loop tower, as does Schwartz, Cooper, Greenberger & Krauss Chartered.

By Mark Ruda | Updated on February 08, 2005

CHICAGO-When Cremer, Kopon, Shaughnessy & Spina, LLC moved to 180 N. LaSalle St. in 2000, the law firm took 18,000 sf, signing a lease with Prime Group Realty Trust during a market friendly to office building owners. Having expanded the deal by 3,800 sf in 2002, the firm is increasing its space to 25,000 sf on the entire 33rd floor as well as part of the 30th floor.

Previously, the REIT retained Schwartz, Cooper, Greenberger & Krauss Chartered, which renewed its lease and took an additional 6,843 sf, giving the firm nearly 61,000 sf on the 27th, 28th and part of the 26th floor. Although terms were not disclosed, Prime Group Realty Trust is asking $14 per sf to $18 per sf on net lease rates at the building, where vacancy is 16.6%.

“When I placed Cremer, Kopon at 180 N. LaSalle in 2000, it was a landlords’ market,” recalls Studley senior managing director Lisa Davidson. “It was very difficult to attain any sort of concession for tenants. But since I expected Cremer, Kopon to grow in the future, I fought hard for a termination right and got it.”

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