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Starbucks Renews Regional HQ Lease

CHICAGO-Starbucks opts to stay in its West Loop regional headquarters location for another five years. Starbucks is one of many tenants who find several advantages to locating and staying in the West Loop submarket.

By Bonnie Grota | Updated on June 02, 2006

CHICAGO-In addition to its growing retail presence in the Chicagoland market, Starbucks Corp. has renewed a 29,690-sf lease for office space at the 372,000-sf 550 W. Washington Blvd. The space serves as the company’s Midwest regional corporate office, a training center and is home base for its regional marketing and real estate operations. Starbucks originally moved into the space in 2001.

Rick Schuham, an EVP at Studley, represented Starbucks, along with fellow EVP John Goodman and executive managing director Lisa Davidson. Studley explored other possible relocation sites in and around the West Loop. But Starbucks never considered anything outside of the Loop, according to Schuham. “Trizec Properties, stepped up to the plate and did not want to lose this tenant,” Schuham explains to GlobeSt.com. “Trizec’s lease renewal package provided the economic benefits that made renewing the most attractive option.” Davidson adds that “the softening of the market and the termination option we secured under the building’s previous owner allowed for a more advantageous position.”

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