Executive search firm Heidrick & Struggles has amended its lease at the Willis Tower at 233 South Wacker Dr in Chicago and extended its lease term in the building through September 30, 2026.
Under the lease amendment, which can be found by clicking here, Heidrick & Struggles will consolidate into 53,894 square feet on the building’s 49th floor.
Heidrick & Struggles previously occupied 52,691 square feet on the building’s 42nd floor and 27,921 square feet on the 70th floor.
U.S. Equities Asset Management, LLC and DTZ brokered the amended lease transaction, which gives Heidrick & Struggles the right of first offer with respect to the building’s 50th floor.
The landlord, 233 S. WACKER LLC, will fund up to $3,777,580 for tenant improvements to the consolidated headquarters space.
The base rent for the first 12 months, which began October 1, 2014, will be $21.00 per square foot, with annual increases of $0.50 per rentable square foot per year. In addition to the base rent, Heidrick & Struggles will pay additional rent in the form of a pro rata share of operating expenses and real estate taxes.
The base rent and additional rent will be abated in the month of October in 2015 through 2020 assuming Heidrick & Struggles is not in default under the lease.
Heidrick & Struggles has two, five- year options to renew the lease under the amendment. Heidrick & Struggles may also terminate the lease on September 30, 2021 or September 30, 2022, with 12 month prior written notice, for a fee.