Xerox Corp. is leasing 12,000 sf in what will be a new office for Xerox. "I believe the East Loop is coming back and they saw that as a good opportunity to service some of their clients in the East Loop," Collins says. Touch Nail Salon will be opening a second downtown location in April with about 1,300 sf in the building and Jimmy John's will open a location of about 1,000 sf sometime around May, he tells GlobeSt.com. Both leases will be for 10-year terms.
Edelman, a public relations agency, is increasing from 101,000 sf to 118,000 sf. Edelman's lease runs through 2020. Ariel Capital Management, which leases 32,000 sf, has extended their lease through 2021. Starbucks and Bloomers Florist have also renewed their leases for 10-year terms, Collins says. Previously, ThoughtWorks signed a lease for 50,000 sf and ClubCorp signed a 20-year lease for 34,297 sf.
Collins would not release specific lease rates but did say the lease rate ranges from $14 per sf to $18 per sf net for office and "in the $30's" per sf net for retail. Wells was represented in the leases by Jones Lang LaSalle. Xerox was also represented by Jones Lang LaSalle; Edelman was represented by CB Richard Ellis and Ariel was represented by Staubach.
The 83-story building was constructed in 1973, then known as the Standard Oil Building, and was purchased by Wells in 2003. Wells has renovated the lobbies, modernized the elevators and had work on the heating, ventilation and air conditioning infrastructure. "We have had a lot of activity in the building. I think word has gotten in the market that Wells is spending over $50 million in capital revitalization of Aon," Collins says.
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