Loeb & Loeb Eyes Loop Move and Expansion

Another law firm is seeing greener pastures in Downtown Chicago.

Los Angeles-based Loeb & Loeb is in advanced talks to lease more than 50,000 square feet across two floors at John Buck Company’s tower at 151 North Franklin Street, according to people familiar with the matter. It’s a move that would expand its Chicago presence and shift its local office from River North to the Loop. Crain’s reported that the firm currently occupies less than 40,000 square feet in the 321 North Clark Street building.

If finalized, the lease would mark the latest vote of confidence from the legal sector in a downtown office market still grappling with elevated vacancy, the outlet reported. While some of Chicago’s largest firms have trimmed space in recent years, a cadre of small and mid-sized practices have moved the other way.

Chicago-based Croke Fairchild Duarte & Beres, Cleveland-based Benesch Friedlander Coplan & Aronoff and Chicago’s Goldman Ismail Tomaselli Brennan & Baum have all inked deals for larger downtown offices over the past year.

A spokesperson for Loeb & Loeb told Crain’s the firm is “evaluating all of our options for office space and have made no final decisions.” JLL is representing the tenant in negotiations, while Stream Realty Partners oversees leasing at the Franklin Street tower.

The 35-story, 807,000-square-foot building is owned by a venture of Morgan Stanley and has proved relatively resilient, according to the publication. Even as anchor tenants CNA Financial and Meta have sought to shed chunks of space on the sublease market, the property has attracted new tenants. Shamrock Trading recently subleased a floor from CNA, and Vermillion Development signed for nearly 16,000 square feet.

A Loeb & Loeb departure would add pressure at the building at 321 North Clark Street. The 896,502-square-foot tower is now controlled by Nuveen, which took over the building in December to resolve a troubled loan. The building is about 78 percent leased, according to CoStar Group, and recently lost another major tenant when CBRE relocated to the building at 300 North LaSalle Drive.

Loeb & Loeb launched its Chicago office in 2003 with six intellectual property attorneys and has since grown to roughly 80 attorneys and staff locally. The firm is known for entertainment, media and sports work.

— Eric Weilbacher