College Locks in 200,000 SF on State St. Through 2017

CHICAGO-By the time some kindergartners are graduating high school, Robert Morris College still plans to be at its Downtown location at 401 S. State St. The four-year business, graphic arts, health care and technology college has extended its 200,000-sf lease for another five years—through 2017—with an option for another five years.

Brokers on both sides of the table say current conditions was a factor in the long-term planning and a decision made nearly 10 years in advance. “It was based upon the rental rate we were able to negotiate and the fact that they’re a good-credit tenant who has expanded four times in the last four years,” says Tom Garrity of Oakbrook Terrace, IL-based Anvan Midwest Realty, who represented property owner 1 Congress Center LLC along with Tom Sloan.

Lease rates at 401 S. State St. range from $14 per sf to $16 per sf net, Garrity tells GlobeSt.com, but a confidentiality agreement with the school prevents him from revealing how much Robert Morris College will pay.