A YEAR OF SIGNIFICANT LEASING ACTIVITY

Here’s a snapshot of some of the more notable leasing activity in the central business district. The market is fluid and ever changing.

 161 N CLARK ST

  • Chicago Title and Trust is vacating the building and moving to 10 S LaSalle St.
  • Grant Thornton will be vacating 175 W Jackson and moving into 137,000 sf of former Chicago Title and Trust space at 161 N Clark St in 2015 and secured naming rights to the building. This puts occupancy at this building back up to 95%
  • With so few significant leases set to expire in the next couple of years and occupancy at 95%, Tishman sold the nearly 1.1 million sf tower for about $325 per sf ($348 million) to John Buck and South Korean investors.  This amount was unheard of when they purchased the building in 2007.

 1000 W FULTON ST

  • Google agreed to lease about 200,000 sf at 1000 W Fulton St (which is currently undergoing massive renovations) in 2016.  It currently occupies about 150,000 sf of office space at 20 W Kinzie. This is on the heels of the Motorola Mobility (now under the Google umbrella also) just completed at the Merchandise Mart for 572,000 sf.
  • The presence of Google in buildings just north of the …
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INVESTMENT PROPERTY DATABANK SIGNS A LEASE FOR NEW SPACE IN CHICAGO

Chicago, IL – November 11, 2011 – United Kingdom-based real estate performance analysis firm Investment Property Databank US (IPD) recently signed a new lease for office space at The Civic Opera Building in Chicago.

IPD opened its first Chicago office in 2007 in River North, but quickly outgrew that space. Additionally, IPD was looking to upgrade its office and building aesthetic to create a more professional environment in close proximity to the Metra trains, L lines and its institutional customer base. “Tishman Speyer, the landlord at 20 N Wacker, was very accommodating, offering a compelling economic package to attract IPD to the already built out space on the 17th floor. This coupled with the amenities of the Tower Club, the presence, history and professional aesthetic of the Civic and the proximity to transportation, it was a simple choice,” said Rhea Campbell of Bella Terra Partners, who negotiated this transaction on behalf of IPD.

IPD is at the forefront of global real estate performance analysis, providing accurate and comprehensive information to measure real estate market returns and to take advantage of emerging trends. IPD has a multi-national staff of 300 and a presence in 20 countries through subsidiaries and existing …

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GLOBAL MANAGEMENT SERVICES SIGNS A NEW LONG TERM LEASE AT ONE NORTH LASALLE STREET

Chicago, IL – November 11, 2011 – Chicago-based event managing service Global Management Services, Inc (GMS) recently signed a long-term lease for new office space at One North LaSalle Street in Chicago.

GMS had been a tenant at 360 North Michigan Avenue for over eleven years and had a good relationship with its landlord. However, their space was in need of updating and required modifications to continue to meet their growing operational needs. With the assistance of Bella Terra Partners, a commercial tenant representation firm, GMS was able to move into a sister building of 360 N Michigan Avenue, One North LaSalle Street, owned by the same landlord. “The space offered at One North LaSalle Street had perfect existing conditions, was double the size and included furniture that would become vacant at exactly the time GMS required this space.” said Rhea Campbell, Founding Partner of Bella Terra Partners who represented GMS. “Not only that, the negotiated transaction fit well with GMS’s business goals and was a shorter negotiation process because of the long term relationship of the tenant and the landlord. The landlord gets to keep a solid business in its portfolio of Chicago owned assets and the …

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CLIFTON GUNDERSON MOVES INTO CHICAGO OFFICE AT 311 SOUTH WACKER DRIVE

Chicago, IL – April 27, 2011 – Clifton Gunderson has signed a short term sublease for 3,397 rentable square feet at 311 South Wacker Drive on the 9th floor to accommodate their newly formed litigation practice

“Formerly office space for Sellers Capital, the space has highly upgraded millwork and beautifully built out offices that provided Clifton Gunderson with a turnkey office solution allowing this business line within the organization to get up and running quickly,” says Rhea Campbell of Bella Terra Partners, who represented them. Clifton Gunderson announced in a separate message that “moving to this location further demonstrates Clifton Gunderson’s commitment to the ever-growing needs of the Chicago community.”

Clifton Gunderson is ranked as one of the nation’s largest certified public accounting and consulting firms. The firm provides a wide range of assurance, tax and consulting services to clients in a variety of industries. Founded in 1960, Clifton Gunderson has a staff of more than 1,900 professionals serving clients from 46 offices across the country.

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MESSE DUSSELDORF RENEWS A LONG TERM OFFICE LEASE AT 150 N MICHIGAN AVENUE

Chicago, IL – March 1, 2011 – Germany based trade show organizer, Messe Düsseldorf North America (MDNA) has signed a long-term renewal lease at 150 N Michigan Avenue.

Messe Düsseldorf has been a tenant in the building for over 16 years and has excellent space overlooking Millennium Park in a location very convenient for their employee base. “SEB, the landlord of the building, was very accommodating, offering a compelling economic package to keep this tenant so renewing was a logical and easy choice,” said Rhea Campbell of Bella Terra Partners, who negotiated the transaction along with her colleague James Harrington.  “The physical location coupled with the economic package was the ideal real estate solution to accommodate MDNA’s continued success here in the US,” she further commented.

Messe Düsseldorf is the world’s largest trade show event organizer helping to put on more than 20 worldwide events devoted to machinery, plant and equipment, trade and services, medicine and health, fashion and lifestyle and leisure.  Messe Düsseldorf has a global presence, with 65 foreign representative offices serving 105 countries via 13 subsidiaries and associated companies.

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