Public Square accounts for 35% of the Downtown office market, according to CB Richard Ellis' Cleveland Downtown Office Market Review for First Quarter 2006. This renewal is reported to be the largest office transaction completed downtown so far this year, according to firm Studley, which represented the tenant in the transaction.
"This deal extends a relationship that began in 1930 when the firm was founded by several local attorneys," explains Joe Lerner, Studley EVP, who along with fellow EVP Andrew Lechter, negotiated the deal. "Though Benesch, Friedlander had four more years until its lease expires, Cleveland's soft office market coupled with a change in ownership at BP Tower led us to act quickly," Lerner tells GlobeSt.com. "We began discussions when Equity Office still owned the building."
According to Lerner, this tenant's position as the largest user within the building motivated Harbor Group to retain the law firm by offering a competitive lease restructure package. "It's really important to make it work for both parties."
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