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Academy To Lease 58,000 SF at Burnham Center

CHICAGO-Flashpoint Academy of Media Arts and Sciences LLC is leasing on the fifth and sixth floors at 111 W. Washington St. for a new school.

By Gina Kenny | Updated on April 13, 2007

CHICAGO-Flashpoint Academy of Media Arts and Sciences LLC will be leasing 58,000 sf on two floors of the historic Burnham Center, 111 W. Washington St. The academy, funded by venture capitalist Howard Tullman, will open for its first classes in September and will offer two-year programs in game development, film, computer animation and recording arts.

Flashpoint Academy was represented in the transaction by Daniel Arends, principal and member of Colliers Bennett & Kahnweiler Inc.’s Office Advisory Group. CB Richard Ellis represented owner Harbor Group International. Flashpoint Academy has signed a 15-year lease for space on the fifth and sixth floors. Lease incentives included a tenant improvement package, abatements and a “very low” lease rate. Arends could not disclose the lease rate but he says the asking rate for the lower six floors of the building is between $25 per sf, gross to $26 per sf, gross.

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