(To read more on the net lease market, click here.)
CHICAGO-Playboy Enterprises Inc. has signed a long-term lease renewal for its 95,000-sf headquarters at Lake Shore Place, 680 N. Lake Shore Dr. The company has been a tenant at 2.2-million-sf Lake Shore Place since 1989 and will continue to occupy the entire 16th-floor penthouse space and the 15th floor.
Christie Hefner, chairman and chief executive officer of Playboy Enterprises, says the company looked at other alternatives, but the "convenience, amenities and visibility" of the current address could not be matched.
Constructed in 1923 as the American Furniture Mart, Lake Shore Place was renovated in 1981 and 1989 when it was converted from a single-use facility to a mixed-use building. In 1989, locally based Golub & Co. acquired the building, which includes 426,000 sf of office space, 60,000 sf of retail space, and a 331-space indoor public garage. The balance of the building consists of luxury condominium residences.
Lake Shore Place occupies a full block bounded by Lake Shore Drive, Erie Street, McClurg Court and Huron Street. The building is also home to Northwestern Medical Faculty Foundation, numerous medical practitioners, Northwestern University's medical school administrative offices, Marshall Associates, Hollywood Video, Parkway Pharmacy, Streeterville Ace Hardware and Treasure Island Foods.
Golub & Co. executive vice president Lee Golub, along senior vice president John Ferguson and Michael Newman, president, negotiated the lease on Golub's behalf. US Equities represented Playboy Enterprises in lease negotiations.
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