splitting a commercial service

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can you please advise me on this. I am splitting a 1200 amp service. Currently a 400 amp feed out of this service is feeding an electrical room which I am going to turn into a new service. The 400 amp feed comes into the bottom of the 1200 amp switch gear. Seeing that the warehouse is being subdivided and already have approval to use existing elec room, can I pipe the existing 400 amp feed out of the side of the 1200 amp gear put a splice box in and put a new CT cabinet outside to pick up the new service. So the the new service would come from the edison trans to a CT then inside to a Jbox ,piped from there to existing pipe nipple in the 1200 amp gear thus utilizing the existing feed to the 400 amp service in the other elec rm. Have done this one other time in 28 years. I belive it is legal as long as the new service cable is in pipe. It would save me 500 feet of pipe and cable. It would be under the chicago code.
Thanks
 
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