SmithBucklin has a long-term lease at the class A building, which is owned by Zeller Real Estate, and has been a tenant since 1990, Kulberg says. Other major tenants in the building include the Illinois Housing Development Authority, MTV Networks and Spencer Stuart.

SmithBucklin was able "to secure additional space in a building with very limited expansion opportunities," SmithBucklin's chief financial officer Al Koob says in a released statement. The business had been searching in the area for additional space to expand; although, Kulberg would not divulge the other possible locations. "We were definitely exploring alternatives because we were not certain we were going to be able to accommodate our growth in the building. We went out and we scouted other buildings in and around the North Michigan Avenue submarket," he tells GlobeSt.com.

The company received "significant concessions" as part of the new lease, Kulberg says. One of the concessions is a tenant improvement allowance which will allow SmithBucklin to construct a new conference facility, he says. "They have a lot of clients who come on site and this is going to be a great place for them to meet with SmithBucklin and do their work," he says. Kulberg would not divulge the amount of the tenant improvement allowance. The conference room will be completed by the time SmithBucklin moves into the additional floor this spring, he says. "They are in the process now of hiring a contractor, working with their architect and having the space built to be ready as soon as possible," Kulberg tells GlobeSt.com.