McDermott Will & Emery: Finding the right home at River Point ...

David DeYoe

On Wednesday, law firm McDermott Will & Emery officially signed the lease for its largest office ?in Chicago as the firm prepares to become the anchor tenant of River Point, a new office tower under construction in the West Loop.? The transaction is also one of Chicago?s largest real estate deals in recent years.? David ?DeYoe, a partner in the law firm, recently spoke with Illinois Real Estate Journal about being the anchor tenant at the first major office building to rise in Chicago since the onset of the financial crisis.

Illinois Real Estate Journal: What was your firm looking for in a new space?

David DeYoe: We wanted space that was going to be state-of-the-art technologically with a great location if we could find it. We thought we needed to have a new building because there haven?t been any new ones built in so long where we were going to find the amount of space we needed. (River Point) provided us with a spectacular location. If the building looks even remotely close to what it is designed to be ? and I know it will ? it will be a fantastic building to look at from the outside. The efficiency of the design inside also makes it really easy for us to take less space in that building than we have where we are.

IREJ: What prompted your law firm to move?

DeYoe: We?ll have been in the AT&T Building, or 227 W. Monroe, for 27 years in 2017 when we move, and this has been a fantastic home. It is a truly wonderful building and we really like it but with that said, we thought a couple of things. One, we were looking to improve the efficiency of our use of space and it?s a little difficult in our current building because of limitations on how we can design the interior given the way the exterior of 227 is designed. 227 has one of the great looks from the outside of any building, but it?s a little bit of a challenge on the inside. A new building will not have those same challenges. (Prior to 227 W. Monroe), we were in the Harris Bank Building for over 50 years, and in those 50 years there were technological changes but they didn?t overwhelm us, so that at the end of 50 years it was time to move. (At 227 W. Monroe), the cost of retrofitting this building is a little more difficult than moving into one that will be new and state-of-the-art. We needed to find somebody who was actually building a building that was going to be able to accommodate us, and it happens that the River Point development came along at exactly the right time for our purposes.

IREJ: What specifically attracted the firm to River Point?

DeYoe: It?s architecturally spectacular with efficient floor plates. The area will be convenient for many of our lawyers and staff in terms of access to the expressway, relatively convenient access to train stations and a spectacular view down the river. In downtown Chicago, it will be hard to miss this building.

IREJ: Why do you think the tower will be successful in attracting other tenants?

DeYoe: One, I think (developer) Hines builds great buildings and has had a great track record. Two, our taking space in this building is a demonstration of the faith that McDermott Will & Emery has in Chicago and in that particular location. I think that other business entities are going to find that to be a very attractive space. Tenants whose leases are coming up in the next few years are going to very much be attracted to that space. I think it?s a space whose time has come.

IREJ: Why was it important that your firm be the anchor tenant?

DeYoe: Well the most important reason is that the anchor tenant normally gets the best deal. By being the first one in, we think we?re able to help cement the fact that the building is likely to be successful and because of that we?re able to achieve some other benefits for the firm, primarily financial.

IREJ: Why did your firm decide upon a 20-year lease?

DeYoe: We decided on 20 years because there were additional advantages to committing to a longer term, advantages that again are primarily bottom-line drive. It made the entire transaction a little more attractive to us and I think clearly made it more attractive to Hines. They liked the idea of having a 20-year tenant, and we think that we?re going to be there that long anyway.

IREJ: Are there any advantages to being the first to move in?

DeYoe: I can?t tell you for certain that we?ll be the first to move in, but to be the first tenant is advantageous financially and it?s advantageous in a number of other ways. We get to decide which floors we?re going to be on. Since we?re first in, we get to have some say in the overall design features of the building ? how the core will work and how communication systems will be made available to the various floors. There are a number of things that are nice to have, and being first means you get the chance to say, ?This is what we want,? and if you?re not first, somebody else has already said, ?This is how it?s going to be.?

IREJ: What would you say is the most important design factor in the building?

DeYoe: There are two important design factors. The first is the ability to use the space in a much more efficient manner than we?re able to use the space we?re in now. The second is that the location and design of the building will make it iconic in Chicago. I can remember when 333 W. Wacker went up. That building had a spectacular design and look to it. You can now look at Trump Tower as a building that has a very significant presence in the Chicago skyline. Before those buildings, there were a whole lot of other buildings that have gone up and have done the same thing and I think (River Point) will be treated in the same fashion as a lot of those buildings.

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? 2013 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com

Source: http://www.rejournals.com/2013/07/12/mcdermott-will-emery-finding-the-right-home-at-river-point/

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