Savills Studley, the leading commercial real estate services firm, announces that long term client, Horwood Marcus & Berk Chartered(HMB), will renew and expand its lease to 36,295 square feet at 500 West Madison, in a new long term lease agreement. HMB will now lease the entire 37th floor at Citigroup Center.
Executive Vice Presidents, Rick Schuham and John Goodman of Savills Studley negotiated the transaction for the firm. Michael Lirtzman and Courtney Baratz of Transwestern represented the landlord, KBS Realty Advisors.
According to Schuham, HMB has been a tenant in 28,850 square feet of space since 2010 and has continued their success and growth in this Class A, amenity rich property. “We were able to secure the balance of the floor for a very competitive economic structure, in addition to a garnering a generous concession package that will enable the renovation and expansion of the space.”
“We have greatly enjoyed our tenancy in the building and continue to experience success as a result of our valued clients. Our partnership with Savills Studley has produced fantastic occupancy results for our firm permitting us to perform at the highest levels for our clients” according to Jeff Hechtman, a Partner at Horwood Marcus & Berk.