Definitely not high quality but we just bought our leather sectional from Jcpenneys and they have some that fit your description to a T. The ivory track arm style that sits lower to ground but comfortable and not weirdly on the floor as some of these new styles are was simply beautiful. I went for the light tan and its soft as butter and actually very well made. We simply love it. You could spend the money saved on other decorating items. Everyone that sees it compliments on it. Yes, I will get a host of texts after this commenting on Jcpenneys lower quality which I agree but this particular sectional that comes in TONS of optional colors was really my best purchase of 2011. loveeeeeee it.

"Breaking the Bank" is not a term anyone can work with. You should define your budget as a realistic dollar range you are willing to spend. As a retailer, I don't know what your budget is and as such can't make a recommendation since I have sectionals in all price ranges. Also, consider posting photos of your space from two different angles into the room as those show the style and decor of the room, plus window and door positions.

@Salina For the year we had the C&B Axis II it held up exceptionally well. Cushions looked just as they did when new. On the couple of occasions when a spill occurred, the stock Douglas fabric did what it's advertised to do - liquid rolled off and it resisted any staining. I say 'had' because we needed to leave it behind when we sold that much-too-big house for one half the size, tucked up high on a mountain top in California - where we are now. But we did like the Axis so much we're planning to buy a smaller version of it, once the remodel of the new place is complete.

IMO a good quality 3 seaer sofa and a nice recliner for the 300 lb friend since no matter what you get where he sits will always wear out first and there are recliners made for heavier users. I would look a good leather for the 2 pieces not fake not only leather on the part that touches you but cow hide and all over the piece. It will wear great put a towel where the dog likes to sit dog sweat is hard on even leather.