HINES SIGNS KIRKLAND & ELLIS TO 600,000-SQUARE-FOOT LEASE
Firm Will Anchor 1.3 Million-Square-Foot Downtown Chicago Office Tower
(CHICAGO, IL) – The Chicago office of Hines, the international real estate firm, announced today that the international law firm of Kirkland & Ellis LLP has signed a 600,000-square-foot lease, and will serve as the anchor tenant for 300 North LaSalle, a new downtown office tower to be developed by Hines. Located on the north bank of the Chicago River, the 60-story, 1.3-million-square-foot tower will break ground in Spring 2006. Upon project completion in early 2009, Kirkland & Ellis will relocate its 1,400 Chicago office employees to 300 North LaSalle from 200 E. Randolph Drive, where they have officed since 1973.
“We are fortunate to have partnered with a renowned developer on one of the last great development sites on the River, and are genuinely excited to provide a truly world-class new home for Kirkland lawyers and staff, one that will provide an environment in which the needs of our clients and people will be very well served,” said Stephen G. Tomlinson, a partner at Kirkland.
The firm will occupy 24 floors in the low-rise and mid-rise sections of the building leaving more than 400,000 square feet of high-rise space for speculative leasing.
“Since the vacancy rate for high-rise space is about two percent, we feel confident that we can attract other premier users to the building,” said Hines Vice President John McDermott.
Designed by the internationally recognized architectural firm Pickard Chilton, 300 North LaSalle will continue the extraordinary tradition of Chicago architecture. The tower will rise to 775 feet, making it one of the city’s tallest buildings. The building’s façade will be clad in richly articulated glass and stainless steel, maximizing the introduction of daylight and minimizing solar gain. With over 200 feet of frontage along the Chicago River, the building’s outdoor plaza will feature a large waterfront café and significant seating areas directly adjacent to the river. Other building amenities will include a three-level, 225-car parking garage, an additional white-tablecloth restaurant, a fitness center, a conference center, a bank and a sundry shop.
“Chicago is the birthplace of the skyscraper,” noted Jon Pickard of Pickard Chilton. “We are honored to contribute to the vitality of this great American city.”
“300 North LaSalle is designed to meet the sophisticated and dynamic requirements of Kirkland & Ellis,” said Greg Van Schaack, a senior vice president in Hines’ Chicago regional office. “The building will provide superior planning flexibilities, an abundance of natural light and views, as well as an array of amenities.”
Hines also stated that it intends to achieve LEED certification from the U.S. Green Building Council, which would establish the building as a major sustainable design development. Hines’ most recent Chicago development, One South Dearborn, was pre-certified LEED Silver for its green design features.
Kirkland & Ellis was represented in the strategic planning process leading to the lease transaction by a team comprised of: Steve Stratton and Jock Howland from The Staubach Company; the architectural firm of Skidmore Owings & Merrill, which has worked closely with Kirkland on design matters relating to the building and the space to be occupied by Kirkland; and David Crowell of The Rise Group, who will act as project manager on Kirkland’s behalf.
“The new building truly is a reflection of Kirkland & Ellis. After thoughtfully evaluating multiple workplace scenarios, the Space Committee defined an ideal building’s size and floor plate, then considered every viable development site, and finally selected Hines and its property based on location and their ability to create a world-class building to house the firm in a flexible and cost efficient workplace for the next 20+ years,” said Steve Stratton, president of The Staubach Company’s Chicago office.
Hines was represented in lease negotiations by Van Schaack and McDermott.
Established in Chicago in 1908, Kirkland & Ellis also has offices in San Francisco, London, Los Angeles, Munich, New York and Washington, D.C. The law firm employs 1,000 attorneys representing global clients in complex restructuring, corporate, litigation and intellectual property.
Pickard Chilton is noted for its expertise in the design of corporate and professional office buildings. Recently completed projects include: 1180 Peachtree, a 50-story skyscraper in Atlanta for Hines, and the CalPERS Headquarters Complex in Sacramento. Pickard Chilton maintains a global practice. The firm is currently designing corporate headquarters and skyscrapers in Houston, Montreal, Kuala Lumpur and Shanghai. Prior to founding Pickard Chilton, Jon Pickard was Senior Associate with Cesar Pelli & Associates and collaborated with Mr. Pelli on landmark projects including the Petronas Towers in Kuala Lumpur, Malaysia.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 800 properties representing over 285 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. Hines entered the Chicago market in 1981 with the development of downtown’s Three First National Plaza. Its Chicago-area office portfolio currently tops eight million square feet. With offices in 63 U.S. cities and 13 foreign countries, and controlled assets valued at approximately $11 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com
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