Search
 

Law Firm Inks 115,390-SF Renewal

CLEVELAND-A law firm signs the largest office deal completed so far this year in the city.

By Bonnie Grota | Updated on June 27, 2006

CLEVELAND-The law firm of Benesch, Friedlander, Coplan & Aronoff, LLP has restructured and renewed its 115,390-sf lease at 200 Public Square, also known as BP Tower. The 45-story, 1.27-million-sf, class A building was built in 1985 and was sold by Equity Office Properties last year to Harbor Group International for $141 million.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.