David O. Stein, managing principal of Steinco Corporate Real Estate Advisors, represented Grosvenor Capital Management, which also considered the Hyatt Corporate headquarters and 111 S. Wacker Dr., both under construction within a block of each other in the West Loop. "After comparing every trophy building in downtown Chicago, Grosvenor was particularly impressed with the entire package 900 N. Michigan brought to the table," says Stein, whose client had 41,000 sf at 227 W. Monroe St.

Grosvenor Capital Management's deal also is a boost for JMB Realty, as office occupancy there was most recently 74%. Although terms were not disclosed, asking net lease rates at the Magnificent Mile property are $17.50 per sf. JMB Realty's Tom Omundson, who handled negotiations for his company, hopes the Grosvenor deal is the start of a northeasterly migration. "Hopefully, other traditional downtown tenants will follow suit and recognize the inherent benefits of a North Michigan Avenue location," he says.