Law Firm Niro, Scavone, Haller & Niro has renewed its lease for 22,000 square feet at 181 W. Madison Street. The law firm, which concentrates its practice on intellectual property law, has been a tenant of 181 W. Madison since the buildings completion in 1990.
After considering numerous opportunities in the market place, including buildings currently under construction, Niro, Scavone, Haller & Niro was able to reduce their existing occupancy costs by renegotiating their existing agreement with 181 W. Madison. Although financial terms were not disclosed, published net rental rates at the 936,000-sf building range from $20- $24 per sf.
“Due to the soft market conditions, we were able to assist Niro, Scavone, Haller & Niro in locking into a longer term lease at their existing building with concessions that dramatically reduce their operating costs” says a Beitler represenative.
Beitler represented the 28 year old law firm and MB Real Estate represented ownership.
