The city's lease of two floors, totaling 55,040 sf, is initially for a five-year term. According to published reports, it will pay $19 per sf for the first two years, $25 per sf in the third year, and $25.50 per sf by the fifth. Robert Hess of Seligsohn Soens Hess represented the tenant in the transaction.
The Friends of John Street, the mayor's reelection committee, leased 13,150 sf for an undisclosed rental rate. Brian Edmonds of the locally based office of Julien J. Studley Inc. represented the tenant.
San Diego, CA-based Ward North America, Inc. leased 10,460 sf for undisclosed terms. Craig Worton and Ken Zirk of the local office of Trammell Crow Co. represented the insurance claims processing company in the transaction.
William G. Luff Jr. and Worton of Trammell Crow represented the owner, Denver-based Amstar Group Ltd., which acquired the building in July 2001. The building is located at 1601-1645 Cherry St. in the Logan Square submarket. It once housed Reliance Insurance Co., which went bust two years ago.
Approximately 168,000-sf remains vacant at Three Parkway, primarily on the top five floors.
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