The department moved to the 1.4-million-sf high rise at 500 W. Madison St. from 111 N. Canal St. The region includes Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.
Ann Tomlinson, senior vice president with MB Real Estate, which manages the building, won't disclose the lease rate or the deal's aggregate value. The average lease rate in the class A building is $33 per sf to $40 per sf, gross. And, she tells GlobeSt.com, the department's lease "falls right within that range."
Tomlinson says the department chose the Citigroup Center because of "the efficiency of being able to be on two contiguous floors" and its amenities. Its on-site services include messenger, concierge, 25 dining options and 20 retailers. Additionally, the building is near train stations and bus stops, she says, adding tenants have said they like the proximity to stations and services. "It is almost becoming a club," she adds. "They talk to each other. They have business ventures together and they collaborate."
The locally based Reed Illinois Corp. did the renovation work on the two floors, according to Robert Maginot, project executive for the corporation. Renovations included a video conference center, conference room, executive suites, reception area, large training area and offices. Mekus Studios was the project architect.
The Citigroup Center is 86% occupied, Tomlinson says. Major tenants include Orbitz, Oppenheimer and RBC Dain Rauscher. Tomlinson says she has noticed the building is attracting a lot of companies in the financial service sector. "We are attracting 3,000-sf hedge fund managers to the 40,000 sf that RBC Dain Rauscher leases," she says.
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