Huron Consulting Group Inc. entered into a lease amendment with an affiliate of Principal Financial Group for its principal executive offices at 550 W. Van Buren St., a a 17-story, 332,608-square-foot office building in Chicago's West Loop.
The amendment extends and expands the prior lease. It extends the term of the lease from Oct. 1, 2014, through Sept. 30, 2024.
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The deal also terminates the lease on space Huron had previously vacated, reducing Huron’s leased space from its current 116,621 square feet to 108,728 square feet. However, effective April 1, 2013, the amendment, will increase to overall square footage to 129,395 square feet with the addition of new space.
Under the new terms, the future base rent payments will increase from $15.75/square foot in the first year to $21.25in the final year.
The deal contains a one-time expansion right exercisable during 2013 for an additional contiguous floor of 20,667 square feet, a renewal option to extend the lease for an additional 5-year period, and a right of first offer on any space in the building of more than 8,000 contiguous square feet that becomes available.
The estimated construction costs for improvement and expansion is $1.8 million, net of a tenant improvement allowance.
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