(To read more on the net lease market, click here.)
CHICAGO-Accounting, finance and information technology employment service Robert Half International Inc. has renewed its lease at Michigan Plaza, where it has maintained an office since 1990. The Menlo Park, CA-based company expanded its lease by 3,922 sf, striking a 21,822-sf renewal with New York-based Loeb Partners Realty.
Vacancy at the two-building, 1.9-million-sf East Loop property at 44-story 205 and 25-story 225 N. Michigan Ave. is 15% with Robert Half International's new deal. Loeb Partners Realty paid $266.3 million for the property, part of the Illinois Center office complex, nearly a year ago. Although terms were not disclosed, asking lease rates at the property begin at $26 per sf.
MB Real Estate senior vice president Mark A. Buth represented Loeb Partners Realty, which has filled half the vacant space it inherited from New York-based Witkoff Group. MB Real Estate took over leasing and management at the property shortly after its most recent sale.
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