National investment banking and financial advisory firm Duff & Phelps signed a 37,492-sf lease that extends and expands its deal for the 41st and 42nd floors of the 65-story building. ALAS, a tenant at 311 S. Wacker Dr. since 1992, signed a 31,000-sf renewal.
ALAS hired tenant representation firm Studley to explore relocation options, including buildings under construction. There are two, the Hyatt headquarters building and 111 S. Wacker Dr., being built within three blocks of 311 S. Wacker Dr. Executive vice president and branch manager Joseph Learner and corporate managing director Laurie Condon represented ALAS in negotiations with Walton Street Capital's broker, Christian Domin of GVA Williams.
Duff & Phelps, whose lease was set to expire in May, used a Grubb & Ellis team that included senior vice presidents Sven Sykes, Tom Volini and Bob Palffy.
The deals help keep occupancy near 100%at 311 S. Wacker Dr., which Walton Street Capital acquired from Teachers Insurance Annuity Association in 2002 for $274 million. Studley reports nine deals have been struck recently at the building, worth nearly $33 million. Meanwhile, vacancy in the West Loop, the largest Downtown submarket, began the first quarter at 20.7%, according to US Equities Realty. The rate is even higher at 21.9% for class A space.
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