Rick Schuham, an EVP at Studley, represented Starbucks, along with fellow EVP John Goodman and executive managing director Lisa Davidson. Studley explored other possible relocation sites in and around the West Loop. But Starbucks never considered anything outside of the Loop, according to Schuham. "Trizec Properties, stepped up to the plate and did not want to lose this tenant," Schuham explains to GlobeSt.com. "Trizec's lease renewal package provided the economic benefits that made renewing the most attractive option." Davidson adds that "the softening of the market and the termination option we secured under the building's previous owner allowed for a more advantageous position."

Stephen Budorick, Trizec's EVP of the firm's central region, says the firm was "intent on retaining the company's office business. We created a solution that would fit our customer's needs, while securing a mutually beneficial fit for the property." Trizec was represented in the transaction by Nancy Fendley, VP of leasing.

According to Trammell Crow Co.'s First Quarter 2006 Market Report, the West Loop continues to command the highest asking rates for class A space at $33.49 per sf. Peter Livaditis, an EVP and principal at Trammell Crow, tells GlobeSt.com that there are three key factors that fuel the continued popularity. "The West Loop market continues to be compelling because of its proximity to two Metra commuter train stations. Secondly, because of this, companies reap the benefit of easy access to a suburban labor pool to fill their jobs. Thirdly, the best office product is either on or near Wacker Drive."