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AEW Seeks Tenants for Vacant Office Building

CHICAGO-CB Richard Ellis is going to lease up the vacant 268,243-sf office building at 250 S. Wacker Dr. that AEW Partners V purchased last month for $57 million.

By Gina Kenny | Updated on May 15, 2007

CHICAGO-CB Richard Ellis, based here, has been chosen to lease up and manage 250 S. Wacker Dr. AEW Partners V, headquartered in Boston, purchased the building last month from D2 Realty Cos., based here, for $57 million, says Kyle O’Connor, vice president of AEW. “We saw an opportunity in the location, the recovering market and really the movement of the rents that is occurring for properties on Wacker Drive,” O’Connor says.

The 268,243-sf office tower recently underwent a $24-million renovation, O’Connor says. The exterior was re-clad and windows were replaced with floor to ceiling windows with low e-glass. The common area was remodeled. All of the building’s systems were replaced and a Chill Beam heating and cooling system was installed. Additionally, the elevators and elevator cabs were renovated. “Basically, the building is a brand new building,” says John Dempsey, senior vice president with CB Richard Ellis. The structure is still the same but almost everything else is new making the building “a very green product” in that they reused the existing building structure, he said.

A conference center will also be added to the building, Dempsey says. An estimate of the size of the center was not available because plans are still being designed. The center should be open this fall when the first office tenants are moving into the building, Dempsey says.

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