Law firm Hinshaw & Culbertson is close to a deal to move to a 36-story Loop office building planned by Chicago developer John Buck, a key step that could launch the third new office tower in the city since the recession.
Chicago-based Hinshaw is in advanced talks to lease about 100,000 square feet in the proposed tower at 151 N. Franklin St., according to people familiar with the deal.
If the lease is finalized as expected, Hinshaw would join law firm Freeborn & Peters, which in February confirmed plans to lease about 90,000 square feet in the 800,000-square-foot tower.
It is unclear whether the two law firms would give Buck enough pre-leased space to immediately kick off construction of the John Ronan-designed tower, but the Hinshaw deal is a major step that also could help spur other deals. Bill Rolander, a John Buck principal, did not return calls.
LAW FIRMS 'A MAJOR DRIVER'
“We haven't been talking about the law firms as much, with all the hype around tech firms, but when you think about all the new developments, they're all heavily influenced by law firms,” said office broker Robert Sevim, co-head of the Chicago region and an executive vice president at Savills Studley, who is not involved in the deal. “It shows that's Chicago's legal community is still a major driver when it comes to new developments, and we can't forget that...”Law firm Hinshaw plans move to new Loop tower
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