(To read more on the net lease market, click here.)
CHICAGO-Ad agency Protocol Integrated Direct Marketing has relocated from Deerfield to 17,605 sf at 600 W. Chicago Ave. in the River North neighborhood. The move was prompted by a desire to capitalize on the talent pool available Downtown.
Joe Arnstein, senior managing director with Studley Inc., along with executive managing director Steve LaKind and assistant director Scott Ubersox, represented the firm in the transaction. Arnstein explains that "Downtown, particularly a River North address, delivers the kind of professionals that will help Protocol take its business to the next level."
According to Arnstein, Protocol's long-term sublease of space from Vertis Inc. provides an economic opportunity that lowers its cost of occupancy while heightening the firm's profile within the advertising community in the CBD.
"This turned out to be a good deal all the way around for them," Arnstein tells GlobeSt.com. "This deal enables them to save almost 30% of their annual occupancy costs over their former location. Lately we have found that companies have become particularly sensitive to recruitment and retention of employees. The reason for this is the need for increased productivity, oftentimes with fewer employees. That was the primary driver in this deal, proximity to professionals," Arnstein added.
The 600 West Chicago building, formerly the Montgomery Ward building, was built in 1908 and renovated in 2000. The building was initially renovated to cater to the technology industry. It now serves firms across a wide spectrum of industries including Bankers Life and Casualty Co. and the Wrigley Co. The landlord was represented by Bill Rogers of CB Richard Ellis.
Value of the transaction was not disclosed. Trammell Crow Co.'s First Quarter 2006 Downtown Market Report gives the asking price for office space in the River North market at $22.71 per sf.
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