Clark Hill PLC Doubles Size of Downtown Chicago Office
Clark Hill PLC has signed a new 11-year lease for two full floors at 150 N. Michigan Ave., doubling the size of the Chicago office the firm opened just two years ago.
The Detroit-based law firm will leave the 24th floor and move to the 26th and 27th floors, comprising 36,848 square feet, beginning in January. It had the 24th floor leased for the next four years, but signed the new lease because the firm needed extra space for expansion, says Craig Braham, CEO of Advocate Commercial Real Estate Advisors LLC, who represented Clark Hill along with Robert Palffy of U.S. Equities Realty. Mr. Braham wouldn't disclose financial terms but says the deal allowed Clark Hill to slightly reduce its rent and also included an unspecified period of free rent and money from the landlord to build out the new space.
Monica Moore and Brad Despot of Jones Lang LaSalle Inc. represented the owner of 150 N. Michigan, Frankfurt, Germany-based SEB Asset Management. The 41-story building is now about 70% leased, according to CoStar Group Inc.
Source: Crain's Chicago