Upshot is currently leasing 30,247 sf at 303 E. Wacker, which is in the eastern part of the city. "It is the farthest east office building in Downtown Chicago," says Tiffany Winne, managing director at Studley. Winne and Lisa Davidson, executive managing director at Studley, represented Upshot in the lease transaction. Melissa Rubenstein and John Dempsey, both with CB Richard Ellis, represented building owner Merchandise Mart Properties in the transaction.

The marketing firm still had two years left on the lease but needed to expand and was looking to move into the River North neighborhood to attract and retain employees, Winne says. Some of Upshots' clients include Miller Brewing Co., Procter & Gamble, Finish Line and Kraft. The Apparel Building has larger floor plates than some of the other buildings in the area, she says. The lease has rent abatements, a tenant improvement allowance and flexibility provisions, Winne says. The marketing firm is expected to move into the Apparel Center in May.

The 1.2-million-sf Apparel Center was constructed in 1977 and renovated in 2005. The building is 98.7% leased, Winne says. One of the major tenants in the building is the Chicago Sun Times, which leases approximately 128,000 sf. Other major tenants include Ogilvy Public Relations and Fiserv, she says. Asking lease rates for office space in River North are around $28 per sf to $29 per sf gross, she says.