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CHICAGO-Two hedge funds have opted for space on Wacker Drive, setting up offices in two of the West Loop's newest buildings. Greenwich, CT-based Silver Point Capital, LP signed a 18,250-sf deal at 111 S. Wacker Dr. while newly formed Chicago Fundamental Investment Partners signed a 6,025-sf deal at 71 S. Wacker Dr.

Although terms were not disclosed, asking net lease rates at 71 and 111 S. Wacker Dr. start at $25 per sf, according to Black's Guide. "Continuing soft real estate market conditions helped us engineer a long-term real estate strategy at one of Wacker Drive's most prestigious buildings," says Robert Sevim , who represented Silver Point Capital in negotiations with Kevin Morgan of the John Buck Co. The deal includes a tenant improvement allowance for the hedge fund, which plans to move into the 1.1-million-sf building in May.

Sevim also represented Chicago Fundamental Investment Partners, which is opening its office on the 34th floor of the Hyatt Center this spring. "The economics of this transaction were structured in such a way that real estate costs will not inhibit the firm's financial evolution," says Sevim, who handled negotiations with Mike Watts of J.F. McKinney & Associates.