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Mercantile Exchange's Call is to Stay Put

CHICAGO-The largest futures exchange in the US ups its space by 11% to 445,000 sf in a deal estimated at $83 million. It creates a private entrance, as well as a new address, at 20 S. Wacker Dr., a top priority of the anchor tenant.

By Mark Ruda | Updated on December 04, 2002

CHICAGO-The biggest deal on Wacker Drive this week might not involve commodity, interest rate or foreign currency futures. A top contender is the 445,000-sf lease renewal and expansion for Chicago Mercantile Exchange Inc. at 10 and 30 S. Wacker Dr., one of the largest deals of the year.

Equity Office Properties Trust senior vice president Arvid Povilaitis tells GlobeSt.com the futures exchange ultimately opted against moving some back-office operations to Vornado Realty Trust’s Apparel Center as well as suburban locations, instead signing a five-year renewal through November 2008. Although he declines to reveal the rate, average rent paid at 10 and 30 S. Wacker Dr. is $37.30 per sf, according to the REIT’s most recent quarterly report, which would make the deal worth about $83 million a year.

“We’re pleased with the rate,” Povilaitis offers.

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