CHICAGO—As the tech market continues to expand in Chicago, so do rent premiums in River North, the city's hottest tech-submarket, according to CBRE's annual Tech-30 report, which measures the tech industry's impact on office rents in the 30 leading tech markets in the US and Canada. On average, office asking rents rose 4.9% to $29.80 from mid-2015 to mid-2017 in Chicago. However, River North rents jumped 16% in this time frame to $40.81, accounting for a 37% rent premium. “Chicago keeps on pace with an accelerated number of gazelles, growth stage and established tech firms across the board,” says Dan Lyne, senior vice president and co-lead of CBRE's global tech practice in Chicago. “While action continues in the city core, many are finding great alternatives in other submarkets and creative options as pricing escalates and availability is extremely tight in markets like River North.”

NEWS & NOTABLES

CHICAGO—Gov. Bruce Rauner has appointed Marla Jackson, assistant vice president of condominium management services with Draper and Kramer, Incorporated, to the Illinois Department of Financial and Professional Regulation's Community Association Manager Licensing and Disciplinary Board. Jackson, who has been with Chicago-based property management firm since 2015, oversees operations for more than 2,000 units of fee-managed condominium properties. Her appointment is effective immediately and will continue through December 2020. The seven-member community board recommends policies, procedures and rules relevant to the administration and enforcement of the State of Illinois Community Association Manager Licensing and Disciplinary Act. “This appointment is a real testament to Marla's expertise and integrity,” says Ian Novak, vice president and director of condominium management services with Draper and Kramer. “We know she will bring the same level of professionalism to this board as she does to her work with our condo management division and in this industry each and every day.”

CHICAGO—The University of Chicago's Campus North Residential Commons has won three awards from the Design-Build Institute of America, including the first-ever Chairman's Award for Community Impact and Social Responsibility. The university's first major design-build project was one of two recipients of this new honor and also won awards for merit and excellence in design. The award was created this year to “reward design-build teams which have shown extraordinary commitment to triple bottom-line success—economic, environmental and social—and which have clearly improved the communities they've engaged,” says Lisa Washington, DBIA chief executive officer and executive director. The UChicago team was led by design-builder Mortenson Construction and architect Studio Gang, “went above and beyond” to engage the Hyde Park and Chicago communities. Chicago residents performed 39.87% of the workforce hours; and minority- and women-owned businesses received 43.96% of the construction dollars paid to date. The 400,000-square-foot residence hall opened in fall 2016, a full year ahead of the university's original plan.

DEALTRACKER

CHICAGO—JLL officials say they have just completed a 145,000 square-foot lease renewal for Fifth Third Bank at 222 South Riverside. The deal marks the second major lease renewal for the West Loop office tower after another big tenant, Trading Technologies, renewed their lease earlier this year. Both renewals come after ownership's decision to invested nearly $50 million for a massive renovation project inside and out of the 40-story building that sits above Union Station. Nikki Kern, executive vice president, and Kim Doyle, vice president led the JLL team on behalf of ownership. Cal Wessmen and Brad Serot with CBRE represented Fifth Third Bank. “For years we've been in this amenities arms race to remain competitive in keeping our current tenants and seeking new ones,” says Kern. “Now that we've come to the other side of this exciting project, it's great to see the recommitments of major tenants.”

BOLINGBROOK, IL—ML Realty Partners has just completed a long-term lease renewal and expansion at 386 Internationale Dr. in Bolingbrook, IL, for Windy City Wire Cable and Technology Products, LLC, which now occupies the entire 247,500-square-foot facility. “The ability to find a long-term solution within the I-55 market was a key factor in their decision,” says Patrick Shannon, vice president at ML Realty Partners. Located on the northwest corner of Joliet Rd. and Internationale Pkwy., the property is close to the full interchange at I-55 and I-355. The property features 30' clear ceiling height, 42 exterior docks and 9 drive-in doors. Kevin Mackey of TIG represented Windy City Wire in the transaction.

BUILDING BLOCKS

ST. LOUIS—The Opus Group has just completed Ceylon Luxury Apartments, a six-story, 120-unit residential and retail development in the downtown business district of Clayton, a major suburb of St. Louis. “From the overall architecture, down to the smallest design features, we were inspired to create a building that not only fit in with the Clayton aesthetic, but elevated it,” Ryan Carlie, senior manager, real estate development, Opus Development Co., LLC. Situated in between the Old Town neighborhood and downtown Clayton, the Opus team designed the building as a transition marker between these unique areas. It offers residents a variety of layouts including studio, alcove, one- and two-bedroom units. All units include high-end modern finishes, including stainless steel appliances, quartz countertops with tile backsplash, expansive windows, private balconies and large closets. Smoothie King is the first retail tenant on the building's ground floor, and Chris Zoellner and Jared Hancock of Balke Brown Transwestern are marketing the remaining 11,900 square feet of retail space for lease.