Kulberg and Joe Learner, executive vice president with Studley, represented Chuhak & Tecson in the lease transaction. Eric Myers, with Tishman Speyer, represented the building owner. The firm had occupied 37,665 sf under both a lease and a sublease with the sublease due to expire in November 2009, says Scott Kulberg.
Chuhak & Tecson occupies the entire 26th floor and part of the 27th floor, with the ability to expand to the entire 27th floor, Kulberg tells GlobeSt.com. The new lease renewal and expansion also includes a tenant improvement allowance.
Tishman Speyer, headquartered in New York City, acquired the building last year as part of a 6.5-million-sf portfolio acquired from Blackstone for $1.7 million, as previously reported by GlobeSt.com. Tishman Speyer also acquired, last year, two trading floors in the complex that had been owned by the Chicago Mercantile Exchange Group.
The two floors that each measure reportedly about 35,000 sf were sold for a reported $16 million, as previously reported by GlobeSt.com. The nearly 1.2-million-sf building at 30 S. Wacker Dr. is part of a complex that also consists of a 1-million-sf building at 10 S. Wacker Dr. and a small connecting building at 20 S. Wacker Dr. The complex is currently only 3.5% vacant, Myers says. But, "over 300,000 sf of space is expiring at the end of this year at 30 S. Wacker," he says.
Tishman Speyer is currently in negotiations with BP to lease 245,000 sf on floors 11 to 21 on all three buildings, Myers confirmed. However, Myers said, that he could not release any further information about the lease negotiations at this time. The asking lease rates for the complex range from $20 per sf to $28 per-sf net, he says.
Renovations are expected to begin soon on 30 S. Wacker, which was constructed in 1983, and 10 S. Wacker, which was constructed in 1987. The lobbies of both buildings are expected to be renovated by the end of the year. Additionally, the façade for 20 S. Wacker will be replaced and windows will be added to the space that had previously been trading floors, he says.
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