STATE FARM INSURANCE IN-HOUSE LEGAL GROUP RENEWS LEASE EARLY AT 120 N. LASALLE
Bruce Farrel Dorn & Associates Signs 26,554-SF Lease
Chicago, IL (January 25, 2010)
Like many organizations today, Bruce Farrel Dorn & Associates, State Farm Insurance’s Midwest in-house legal group, has opted to renew its 26,554-square-foot lease early at 120 N. LaSalle in Chicago’s Central Loop.
This reflects a market trend, explained Studley’s Lisa Davidson, who represented Bruce Farrel Dorn in the transaction. “Businesses and organizations of all kinds are auditing their real estate holdings to determine how to maximize the benefits that the tenant-friendly real estate climate is providing.”
Over the last 12 months, Ms. Davidson has participated in early lease renewals on behalf of clients, from a cross-section of industries, motivated to lock in favorable lease terms that include lower rental rates, tenant-improvement packages, reduced square footage and improved flexibility.
Bruce Farrel Dorn had a termination option coming up in January 2012. In exchange for forgoing this option and locking in a long-term commitment, Studley negotiated and attained early concessions, increased flexibility and a tenant-improvement package that will cover upgrades to the space where the firm has been located since 1995.
Occupying the 18th and 19th floors, the firm is now the largest tenant in the 381,427-square-foot building, which recently lost another two-floor tenant.
The owner, Prudential Insurance, was represented by Genny Emerson of Lincoln Properties.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.