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Tenants Strike Deals in Softening Market

CHICAGO-Tenants across Central Business District submarkets willing to sign on the dotted line are finding cost-saving opportunities, building managers and leasing brokers report.

By Mark Ruda | Updated on November 01, 2001

CHICAGO-Recent lease deals in the Central Business District have been made with an eye towards tenants’ achieving cost efficiency as well as striking deals for expansion in a softening office market, brokers involved say. Leading the way recently is MWH Energy & Infrastructure, Inc., which added another 30,000 sf at 175 W. Jackson Blvd. to a 108,000-sf lease negotiated last year by one of the two companies joined in a merger.

Water-resource engineering company Harza struck the deal at the building that recently completed an $80-million renovation. Harza recently merged with Montgomery Watson to form MWH. “With its comparatively low rents and state-of-the-art technologicalfeatures, 175 W. Jackson offers an excellent value,” says Grubb & Ellis senior vice president Dennis Copeland, who represented MWH.

Advertising agency Williams-Labadie has renewed its lease for 29,527 sf at 57 W. Grand Ave. in River North. Julien J. Studley, Inc. managing director Joshua D.Gorin and senior managing director Terry Mostrom represented Williams-Labadie, affiliated with Leo Burnett Worldwide. Robert Zimmerman represented the building owner, Friedman Properties.

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