What Schiff Pays to Rent at Sears Tower: $32 Per Square Foot
After the Sept. 11, 2001 tragedy, some were nervous about spending time in and around very tall buildings, including the Sears Tower in downtown Chicago.
But Schiff Hardin has decided to remain as one of the skyscraper’s flagship tenants, waiving an option to terminate its lease early, reports Crain’s Chicago Business.
One reason why may be the deal the Chicago-based law firm has been getting on its rent: According to a lender’s summary last year, the more than 400-attorney national firm was paying gross rent of $32 per square foot, including taxes and operating expenses, on its 205,000 square feet of offices there, the business publication writes. Schiff’s lease now runs until 2024, and the firm is expanding to 217,000 square feet as part of its rental arrangement.
“Tenants at Sears Tower enjoy incredible views and unique, open floor plans, inside a world-class building that is an icon for success,” said Michael Kazmierczak of U.S. Equities Realty, which manages the building, in a press release.
