Tag Archives: Office Tenants
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.
For tenants, the next two years will offer an opportunity to secure dramatically low cost office space. Here’s why:
CURRENT MARKET CONDITIONS
The unemployment rate increased from 8.1% in February to 8.5% in March. Adding insult to injury, January job losses were revised from 655,000 non-farm payrolls to 741,000. Since the recession officially began in December 2007, the economy has lost 5.1 million jobs with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months. Many are saying we’re skidding across the bottom of this severe recession but I disagree.
Commercial real estate is just beginning to show weakness that will eventually cripple many owners and force a wave of bankruptcies. In fact, 525 W. Van Buren was the first building to be sold in Chicago’s central business district for $130 million, $6 million less than what the seller or investor paid for it five years ago. This transaction is the first example of a significant downtown commercial real estate property changing hands for less than the seller paid. Read more…