The Colliers International team assisted law firm Chapman Spingola with doubling its leased space through a relocation in Chicago's CBD.
Chapman Spingola LLP (Chapman), a boutique Chicago-based law firm specializing in commercial and intellectual property litigation, was outgrowing its home of 10 years at 77 West Wacker Drive in a rising market.
Chapman sought suitable space to improve branding, identity, service delivery and recruiting. Colliers quickly informed Chapman on the competitive market for Class A space in the Chicago CBD, as bidding wars for hot spaces had been common. When Colliers brought an off-market opportunity to Chapman they were well prepared to make a prompt decision and secure an advantageous term sheet before competing tenants became aware of the highly improved second generation space.
In addition to an in-depth review and analysis of available space in Chicago’s CBD, the Colliers team tapped into its relationship with the area’s top landlord representatives to identify any off-market opportunities that may exist, thereby eliminating many of the competitive obstacles.
The Colliers team discovered that Societe Generale, a tenant at 190 S. LaSalle Street in Chicago’s Central Loop, was going to be vacating the property and consolidating elsewhere with its affiliates. The team acted quickly and negotiated a term sheet with the landlord that included an early lease buyout for the existing tenant before news of the departure made its way to the market.
One of the Central Loop’s most recognized Class A buildings, 190 South LaSalle was constructed in 1986 by architects Philip Johnson and John Burgee. The two-story, copper gable roof offers exceptional views of downtown Chicago. “The Library”, a business club for tenants, is located on the 40th floor. Chapman signed a lease for half of the 39th floor, immediately below the building’s library and on the building’s marquis arched picture window floors.
Chapman’s new 11,000-SF long-term lease is nearly double the size of its previously leased space at virtually the same expense. The firm has also saved more than $300,000 by utilizing existing conditions and furniture. Above market concessions were negotiated, which can be converted to additional tenant savings.