CHICAGO-In another tenant musical chairs move, a non-profit group has taken over the top floor of the 43-story 30 N. LaSalle building downtown from a now-defunct consulting firm. The International Fellowship of Christians & Jews will move from two lower floors and into 24,881 square feet.
The group, with offices here and in Jerusalem, is currently in 15,820 square feet on floors 24 and 26. The building is about 80% occupied now, though this group won’t move up to their new floors until March. The deal also includes the potential expansion to the 42nd floorof the one-million-square-foot building.
Even with the view upgrade and larger space, Studley Executive Managing Director Robert Sevim tells GlobeSt.com that the group received significant concessions. “It’s an aggressive rental rate, and long-term,” Sevim says, but he declines to provide more information on the terms of the deal.
He says he sees a tenant-led market continuing to dominate in 2012. “We’ve not gotten to the point where vacancy has hit lows, and landlords are doing everything they can to seek out good credit users,” Sevim says. “However, there are certain blocks that are getting leased, like the IBM Building gaining the AMA lease. Even then, for every door closing, another opens, and tenants know they can still negotiate.”
Sevim and Jon Azulay, associate director, negotiated on behalf of the fellowship. Vicky Noonan and Greg Tait represented the building’s owner, Tishman Speyer.
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