(To read more on the net lease market, click here.)
CHICAGO-One of the West Loop's newest buildings attracted a trading firm to its tenant roster while a 111-year-old building in the Central Loop kept a tenant, accommodating an expansion. TradeLink LLC will move from 200 W. Jackson St. to 31,719 sf at the Hyatt Center at 71 S. Wacker Dr., moving after seven years.
Meanwhile, Chicago Partners has renewed its lease at 140 S. Dearborn St. for 10 years, expanding it to 26,000 sf. The consulting firm now has the entire 15th floor of the Marquette Building as well as part of the 16th floor.
While terms were not disclosed, published net lease rates at Hyatt Center start at $25 per sf, according to Black's Guide, compared to $11 per sf and up at the 35-year-old but recently renovated 200 W. Jackson St. However, the deal includes a tenant improvement allowance for TradeLink, according to Studley managing director Robert Sevim, who represented the tenant with executive vice president Joe Learner in negotiations with Mike Watts of J.F. McKinney & Associates.
Gross lease rates start at $22 per sf at the Marquette Building, where vacancy is less than 9%. Chris Wood and Mike Bishop of CRESA Partners represented Chicago Partners in negotiations with Pat Caruso and Margaret Boersma of L.J. Sheridan & Co.
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