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To formulate an aggressive expansion plan in New York
for a Chicago-based law firm with parameters of search
focused on proximity to two key clients.
A budget was agreed upon for the project prior to the
search and involved building consensus among the partners
in New York and Chicago. The preferred option consisted
of negotiating both a sublease and a direct lease in
the preferred location. Particular attention needed
to be paid to the formulas for agreed rentals on expansion
space.
Sidley & Austin relocated from 520 Madison Avenue
to 105,000 sf at 875 Third Avenue. The building was
located within 5 blocks of the firm’s major corporate
clients. The lease contained two expansion options and
three lease extension options that have stood the test
of time.
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