Steinco Corporate Real Estate Advisors has completed a lease restructuring for the Attorneys’ Liability Assurance Society’s corporate headquarters at 311 S. Wacker Dr. office in Chicago.
The Chicago-based tenant representation firm helped ALAS terminate its existing lease four years early and structure a new long-term lease for the 39,514 square feet space it occupies on the 55th, 56th and 57th floors.
ALAS is a specialized insurance company that provides direct underwriting, policy issuance, claims management and other services to approximately 58,000 lawyers around the country.
“ALAS was in a unique position to lock in today’s low rental rates and minimize the risk of higher rents in four years,” said Patrick Brady, vice president of corporate services for Steinco. “The reality is that the low inventory of premier high rise office space could bring much higher rents in the near future.”
Mark Baby, a senior associate with J.F. McKinney & Associates, represented the building ownership.