LOGS, the largest network of law firms and title agencies that specialize in handling foreclosure litigation for lenders, has moved into its nearly 50,000-square-foot office space at 2121 Waukegan Road in the northern Chicago suburb of Bannockburn.
The organization moved from 4201 Lake Cook Road, a 66,000-square-foot building in Northbrook that it has owned since 1998.
“This new lease provides LOGS with an opportunity to right-size itself into new, efficient Class A space,” shared Kevin McLennan, senior managing director of international commercial real estate services firm Studley, which represented LOGS in the transaction.
“In addition, we negotiated significant flexibility into the lease, providing LOGS with the ability to adjust its space needs in concert with the normal ebbs and flows of their business,” added Executive Vice President, Director Richard Schuham, also of Studley, who along with Mr. McLennan represented LOGS in the transaction.
LOGS now occupies the second and third floors in the three-story, 103,500-square-foot property, which has been vacant since Kraft moved out in 2008. The landlord made a number of base-building upgrades in preparation for LOGS’ tenancy.
The lease includes a generous concession package with free rent and capital contributions from the landlord, Colony Realty Partners.
Steve King and Chris Cummins of Colliers International represented Colony in the transaction.
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.