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Blackstone Readies Opera Sale, Signs Tenant

CHICAGO-As Blackstone Group is positioning the 841,778-sf building for sale, it sigs a lease renewal with the building's largest tenant.

By Gina Kenny | Updated on May 16, 2007

CHICAGO-The Civic Opera building, 20 N. Wacker Dr., is being sold by the Blackstone Group, which purchased it earlier this year as part of a portfolio from Equity Office Properties Trust. “Blackstone is getting ready to sell the property,” says John Goodman, executive vice president for Studley, which recently represented the largest tenant of the building in a lease renewal. “From what I understand, there are about five or six major institutional owners of real estate who are looking at this building as part of their Chicago portfolio,” Goodman tells GlobeSt.com. A Blackstone spokeswoman tells GlobeSt.com that she cannot confirm nor deny the sale plans.

The law firm of Cassiday Schade LLP, which has been a tenant since 1998, renewed its lease of 62,863 sf at the building until 2018, Goodman says. Cassiday Schade was represented in the transaction by Goodman, executive vice president Rick Schuham and corporate managing director Andrew Kelly, all with Studley. C.J. Dempsey, vice president of leasing with Equity Office Properties Trust, represented the ownership for the Civic Opera building, which was purchased by the Blackstone Group earlier this year from locally based EOP.

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