Latham & Watkins to Relocate from Willis Tower to 330 North Wabash Avenue
- Jan 25, 2012
Prime Group Realty Trust announced that Latham & Watkins, LLP has executed a lease agreement and will relocate its Chicago headquarters to 330 North Wabash Avenue in or around April 2014. The law firm will occupy around 137,000 square feet of the former IBM building.
The 52-story tower is owned by Chicago-based Prime Group Realty Trust and Stamford, Conn.-based Five Mile Capital Partners, LLC. ChicagoRealEstateDaily.com reports that many real estate experts have questioned whether the 52-story tower could still accommodate the law firm following recent signed deals with two other large tenants.
Since the early 1970s, Latham & Watkins has been a tenant at Willis Tower, formerly known as the Sears Tower, where it currently leases 144,414 square feet. In November 2011, the firm signed the letter of intent to lease around 160,000 square feet in the 330 North Wabash building. However, in December, the American Medical Association signed an unexpected lease for 275,000 square feet, which included naming rights for the tower. Later that month, the Chicago-based SmithBucklin Corporation issued its own letter of intent for a 15-year deal for 111,081 square feet, and a building that once had a vast amount of available office space suddenly became packed. Latham & Watkins surprised experts by choosing to execute the lease rather than look for a new building.
The 330 North Wabash building, designed by Ludwig Mies van der Rohe, will be about 84-percent leased. Floors two through 13 will be occupied by the 316-room Langham Chicago Hotel, which is expected to open in 2013.
Brokers Scott Gamber, Todd Lippman and Kyle Kamin of CBRE, Inc. represented Latham & Watkins, whilst the building was represented by Steven Baron, Prime Group’s executive vice president of leasing.
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Photo Credits: J. Crocker via Wikimedia Commons.