(To read more on the net lease market, click here.)
CHICAGO-Recent Downtown office deals include an expansion by a growing law firm in the West Loop and a consolidation of two locations for a financial services firm's retail operations.
Chuhak & Tecson, a 150-member law firm, has expanded its lease at 30 S. Wacker Dr. by more than 30%, signing a 36,010-sf deal with Equity Office Properties Trust. Meanwhile, Smith Barney is consolidating two Downtown retail offices into a new location at 190 S. LaSalle St., where it is leasing 22,088 sf.
The largest US office REIT asks $18 per sf at the two-building, two-million-sf riverfront complex anchored by the Chicago Mercantile Exchange, where vacancy stands at 13%. Published net lease rates at 190 S. LaSalle St., where vacancy is 61%, start at $15 per sf.
Chuhak & Tecson has been a tenant at 30 S. Wacker Dr. since 2001. HSA Commercial Real Estate executive vice president David Wilson represented the law firm in negotiations with Ellen May of Equity Office Properties Trust.
Smith Barney consolidates two offices at 181 W. Madison St. and Sears Tower, 233 S. Wacker Dr. Studley executive vice presidents John Goodman and Richard Schuham represented Smith Barney in negotiations with Jones Lang LaSalle senior vice president Mark Gunderson.
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