ArentFox Schiff Leases Office Space At Willis Tower In Chicago From Blackstone For 75,000 SF

The asset involved in this transaction is an office property located at 233 South Wacker Drive in the Chicago market. The office space measures 75,000 square feet, reflecting a significant reduction from the previous occupancy of 168,000 square feet.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Lease Renewal
• Landlord: Stephen A. Schwarzman - Blackstone
• Tenant: Anthony Lupo - ArentFox Schiff
• Landlord's Representatives: Nikki Kern, JD Parcheta & Jamey Dix - The Telos Group
• Tenant's Representatives: Mark Cassata, Kyle Kamin & Dan Persa - CBRE
• Lease Expiration: Current lease expires in 2028

This deal highlights the ongoing lease renewal by ArentFox Schiff, indicating a long-term commitment beyond its current lease, despite the significant downsize in office space. The transaction is a response to prevailing market conditions, including rising debt concerns and increasing vacancy rates in downtown Chicago.