The new tenant is Springbrook Software, which leased the 18,045-sf 29th floor for eight years. The firm is currently located on the third floor of the Morgan Building at 720 S.W. Washington St. The renewal tenant is the 29th floor's current tenant, actuarial firm Milliman USA, which signed a 10-year deal to move to the 18,793-sf 37th floor of the landmark 42-story tower.
The lease rates on these transactions were not immediately available, but recent deals in the buidling--including Piper Jaffray's 10-year lease for the 18,083-sf 31st floor in early December--have reportedly been done at an average annual full service rate in the mid-$20s.
All three leases were done directly with building owner Unico Properties. US Bank is marketing 90,000 sf in the building for sublease--about one-quarter of the space for which it inked a long-term lease shortly before selling the building to Unico in 2000 for upward of $120 million. Eric Grindy of CB Richard Ellis has the leasing assignment.
Over the past 12 months, Unico has seen 120,000 sf of activity in the tower: 59,000 sf being renewals and 61,000 sf being new leases. In the two latest transactions, Milliman was represented by Chris Elsenbach and Craig Reinhart with CRESA Partners. Springbrook, a provider of software applications to government agencies, was represented by Mark Ierulli. Unico represented itself in the renewal lease and was represented by Colliers International broker Mark Fraser in the Springbrook lease. Fraser holds the leasing assignment for the building.
"It turned out to be a very successful year for Unico," Fraser tells GlobeSt.com. "I'd love to take full credit for it but it has an awful lot to do with Unico being willing to come to the market aggressively and figure out how to make a deal in what has been a challenging market.
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