Tenants Remain Cautious, Leases Fall 50%
August 16, 2010
By: Andrew Carr

Downtown office tenants continue to remain cautious in their decision making, significantly slowing deals in the second quarter, according to a report by tenant rep firm Studley. For example, completed transactions only reached 1.1 million square feet in the quarter, more than 50% lower than the CBD’s long-term historical average. ...

... Law firms led the leasing in Q2, with Neal, Gerber & Eisenberg’s extension and return of space at Two N. LaSalle the largest deal at 179,451 square feet. Both Horwood Marcus & Berk and Ulmer & Berne LLP signed for almost 49,000 square feet at 500 W. Madison. A law firm led the city’s highest price sale, as California-based KBS Realty Advisors agreed to buy 300 N. LaSalle, home of Kirkland & Ellis, for about $655 million or $503 per square foot.

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