This Week's Chicago Deal Sheet: Downtown Building Lands City's Largest Law Firm Lease Of The Year
Barnes & Thornburg renewed and expanded its lease at One North Wacker in what Savills said was the largest Chicago law firm lease transaction of 2024.
The national firm will expand its footprint by 30% at One North Wacker to 96K SF and will occupy floors 42 through 45 in the Irvine Co.'s trophy tower.
Savills' John Goodman, Eric Feinberg, Brandon Nasatir and Isabel Preskill represented the tenant.
“The decision to remain at One North Wacker, where the firm has resided for over 20 years, was supported by the ability to expand contiguously and leverage existing quality-built conditions,” Goodman said in a press release.
Nasatir said that law firms continue to be a bright spot in the Chicago office scene, with the legal sector accounting for nearly 20% of all new leases in the downtown office market.
PEOPLE
Skender hired Matthew Nemshick as director of data center accounts. In the role, Nemshick will help expand Skender’s footprint in the construction of facilities like data centers and other high-tech infrastructure. He joins the company with 17 years of experience in the construction industry.
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BKV Group added Kyle Yardley as a government managing partner for its Chicago practice site. Yardley will support the expansion of the firm’s national government platform, which designs a range of civic facilities, including city halls, justice complexes, law enforcement centers, fire stations and community spaces.
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Kiser Group promoted Will Mast to adviser. In his new role, Mast will leverage his knowledge of Midwest markets to present customized investment opportunities to clients.
SALES
An Illinois-based private investor bought a multitenant retail center at 535 Fairway Drive in Naperville for $2.7M. The 15K SF property was 82% leased at the time of sale and is anchored by a primary care clinic with a recently executed 10-year lease. Greenstone Partners' Malek Abdulsamad brokered the deal.
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A foreign family office bought a retail property at 8 N. Michigan Ave. for an undisclosed price. Starbucks has a long-term lease at the property. Mid-America Real Estate Corp.'s Investment Sales Group brokered the deal, led by Joe Girardi and Emily Gadomski.
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Haskris bought an industrial building at 737 N. Oaklawn Ave. in Elmhurst for an undisclosed price. The company owns a building across the street and is planning to expand into the 37K SF facility. NAI Hiffman's Joe Bronson represented Haskris in the transaction, while DarwinPW Realty/CORFAC International's George Cibula and Associate Luke Ferzacca represented the sellers.
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Eastham Capital acquired a 75% ownership interest in The Landing at Town Center, a mixed-use community in Vernon Hills. The acquisition also includes a significant renovation budget. Chicago-based Bender Cos., who has partnered with Eastham Capital on multiple projects, will manage the property at 1255 Town Center Road and oversee its enhancements.
LEASES
Moxies Restaurant signed a 14K SF lease to anchor a commercial redevelopment at 1050 N. State St. in Gold Coast. The project will redevelop the three levels of retail and office at the base of the Newberry Plaza condominium tower. The space totals 75K SF over three levels.
CBRE's Luke Molloy, Stephen Ansani and Danny Jacobson represented the landlord, 11 East Partners and Blackbird Investment Group. JLL's Adam Cody and Patrick Owens represented Moxies.
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American Bear Logistics Corp. signed a 56K SF lease at 1065 Thorndale Ave. in Bensenville. Lee & Associates represented the landlord, Prologis, while CORE Industrial Realty's Nick Krejci represented American Bear Logistics Corp.
