Savills Studley announced that Vedder Price P.C. has signed a long-term lease extension for 163,286 square feet on floors 22 to 26 and the penthouse at 222 North LaSalle. The law firm is the largest tenant in the historic riverfront building and has occupied space there since 1988.
As one of the largest downtown leases in Chicago this year, Savills Studley was able to negotiate terms for Vedder Price that will allow for a renovation of its space to accommodate its Chicago practice groups and the firm’s global operations staff.
Joe Learner and Robert Sevim of Savills Studley’s Chicago office negotiated the lease agreement on behalf of Vedder Price. Joe Gordon and Greg Tait of Tishman Speyer represented the landlord.
“As the building repositions itself to appeal to a broad set of tenants, including technology companies, ownership was cognizant of preserving its current tenant base, like Vedder Price, who have been loyal anchor tenants for nearly three decades,” said Learner. “Vedder Price utilized its longstanding relationship to create a win-win outcome for both parties, maintaining building stability for the owner and an, enhanced office environment for Vedder Price.”
The ownership of 222 North LaSalle is actively investing in the building to create the type of modern amenities that will successfully attract and retain tenants such as a wi-fi tenant lounge, Prime & Provisions Restaurant and Glazed & Infused Donuts. Most notably, Avant Credit, the fastest growing financial services technology platform for consumer loans, plans to relocate to approximately 80,000square feet of space at 222 North LaSalle from its current location in River North in 2016.
“Savills Studley worked with us to understand how to address our cost profile and space needs within the context of our existing lease contract, and how to engage in discussions with ownership to help define the value add that we bring to the property,” said Vedder Price Operating Shareholder, Douglas M. Hambleton. “We were able to work together creatively with the landlord to develop a mutually beneficial agreement.”