CHICAGO-While other law firms have found Wacker Drive attractive for relocation, Eimer Stahl Klevorn & Solberg, LLP prefers its location in the landmark Santa Fe Building. The firm now is the building's second largest tenant at 224 S. Michigan Ave., having signed a 38,259-sf extension and expansion.
Eimer Stahl Klevorn & Solberg now has two full floors at the 102-year-old building with the 15,000-sf expansion. "Eimer Stahl wanted to remain in the heart of one of Chicago's most historic and architecturally significant districts," says Studley corporate managing director Andrew Kelly, who represented the law firm with executive vice presidents John Goodman and Rick Schuham. "Continued soft market conditions in Chicago have enabled the firm to more than double its space while still maintaining a financially sound cost structure throughout the years."
While terms were not disclosed, published net lease rates at the 17-story building, where vacancy is 25%, range from $8 per sf to $14 per sf, according to Black's Guide. U.S. Equities Realty senior vice president Jeffrey Barron represented Hamilton Partners, which bought the building earlier this year with a $40-million mortgage from Connecticut General Life Insurance Co.
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