Calyon was represented in the lease transaction by Joe Learner, executive vice president at Studley Inc. Senior vice president Brian Whiting and vice president Wendy Katz, both with JF McKinney & Associates, represented the building's owner, West Loop Associates LLC. Terms of the long-term lease were not disclosed. The average lease rate in the building is between $28 per sf to $30 per sf gross, Learner tells GlobeSt.com.
Last year, the firm decided to expand by a half-floor "and immediately needed a little bit more security, and took the rest of the floor," Learner says. "They are just having phenomenal growth with their business," he says. Calyon will be moving into space previously occupied by Refco Group Ltd. LLC, which filed for bankruptcy in 2005. The build-out of the space previously occupied by Refco was "very well suited" to Calyon's needs, he says.
Calyon also decided to stay and expand in the building because of the "heavy infrastructure," Whiting says. The building has electrical, heating, air conditioning, ventilation and other systems "built for technology driven tenants" such as Calyon and trading firms, he says.
The approximate 405,000-sf class A office building was constructed in 2001 and is currently 78% leased, Whiting says. Refco had been the largest tenant, leasing about 40% of the space; now Calyon is the largest tenant, leasing more than 33% of the building, Learner says. Other major tenants include Guardian Life Insurance Co. of America and Corporate Executive Board Co.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
