(To read more on the net lease market, click here.)
CHICAGO-Sanchez Daniels & Hoffman LLC has signed its third lease extension since moving to 333 W.Wacker Dr. in 1987. The law firm now has 29,000 sf at the architecturally distinctive building, now owned by KanAm Grundinvest Fonds.
The law firm, which has grown from two attorneys in 1987 to 40, got a tenant improvement package to pay for updates to its space, says officials at Studley, which represented Sanchez Daniels & Hoffman. Executive managing director Lisa Davidson and executive vice president Richard Schuham handled negotiations for the law firm with Michael Lirtzman and Bill Rolander of the John Buck Co.
Although terms were not disclosed, published asking lease rates at the 867,821-sf building start at $16 per sf. Vacancy is less than 7%, according to Black's Guide.
In two unrelated West Loop deals, Ice Miller moved to 12,756 sf at 200 W. Madison St. while Prospect Partners restructured a 7,836-sf lease in the same building, owned by Tishman Speyer Properties. Ice Miller's move is a result of the law firm being forced to vacate a fire-damaged 135 S. LaSalle St. Studley senior managing director David J. Gelfand represented both tenants in negotiations with Pam Parasugo and Vicki Noonan. Asking lease rates at 200 W. Madison St., where vacancy stands at 19%, begin at $18 per sf.
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