(To read more on the net lease market, click here.)

CHICAGO-Chapman and Cutler LLP will mark its centennial in 2013, as well as 100 years at 111 W. Monroe St. The law firm with a reputation for its institutional finance practice signed a 10-year renewal for its 164,387 on six floors in the Harris Bank building.

"Signing Chapman and Cutler to a 10-year extension is an important step in our investment strategy and repositioning of this asset," says Hines Interests' Michael Kaiser, who handled negotiations with Tom D'Arcy. National Office Partners, a partnership between CalPERS and Hines, paid $113.5 million for the 1.2-million-sf property at 111 W. Monroe St. and 115 S. LaSalle St., then embarked on a $15-million renovation of the lobbies, elevators, restrooms, signage and mechanical systems. A fitness center also is being added.

Although terms were not disclosed, asking net lease rates for 270,000 sf at 115 S. LaSalle St. start at $14 per sf, according to Black's Guide, which would equate to about $23 million for Chapman and Cutler's space. "The ideal situation proved to be to stay in the building where we were able to strike an aggressive deal with their current landlord including a tenant improvement allowance to modify their space," says CB Richard Ellis' Todd Lippman, who represented Chapman and Cutler, LLP along with Vic Toft and James Whalen.