The firm considered several relocation options before deciding to sign a long-term renewal, according to Rick Schuham, executive vice president at Studley, who represented the firm along with John Goodman, executive vice president, and Eric Feinberg, associate director.
Equity Office is the current owner of the 677,222-sf site. Brian Atkinson, leasing representative for Equity, tells GlobeSt.com that "retaining tenants is always important to a landlord and we feel that we're competitive with other class B buildings in the West Loop."
"There are still many top-tier law firms in the Downtown market that are well served by older buildings, both from a cost and quality standpoint," Schuham says. "The final renewal package yielded a competitive rental rate and the ability to renovate Nisen & Elliot's space, without incurring the operational and financial costs that relocation would require." He tells GlobeSt.com that the renovation could take about 90 days.
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