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Businesses Lease 35,000 SF at 200 S. Michigan

CHICAGO-RTKL Associates Inc. and Clear Choice Management Service LLC are leasing a total of 35,037 sf at 200 S. Michigan Ave.

By Gina Kenny | Updated on April 18, 2007

CHICAGO-Two businesses have signed leases for a total of 35,037 sf at 200 S. Michigan Ave. RTKL Associates Inc., an international design firm, is leasing 26,100 sf and Clear Choice Management Service LLC, headquartered in Denver, is leasing 8,937 sf. The 22-story office building, with 357,777 sf, is owned by an affiliate of BPG Properties Ltd., which purchased the building in 2000. The building, which was constructed in 1958, underwent a $7.5-million renovation in 2001 that included new windows, new elevators and renovating the facades, lobby, bathrooms and corridors.

RTKL is moving its Chicago office from the Marquette Building at 140 S. Dearborn St., says Joe Neverauskas, senior vice president for BPG. Neverauskas says he did not know how much space RTKL currently leases but says the move is an expansion and will be an “almost doubling in size.” The firm will lease half of the 19th floor and the entire 20th floor with the option to expand. They are expected to move into the building in four to five months. Clear Choice, a dental implant center, is expanding from its Denver location and this will be its first Chicago office, Neverauskas says.

Both leases are for a term of 10 years. Neverauskas would not disclose the lease rate or aggregate value of the leases but said that the average lease rate for the building is $14 per sf, net. Both leases included typical build out allowances with some rent abatements but “nothing out of the ordinary,” he says.

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