The building is at 10 and 30 South Wacker Drive. Building owner Tishman Speyer was represented in-house by Vicki Noonan and Eric Myers. BP was represented by international director Elaine Melonides and EVP Matt Carolan, of Jones Lang LaSalle.
"The West Loop is the largest submarket here in Chicago," Carolan says. "It's the most sought after location because of its access to public transportation." Additionally appealing to the tenant was the CME Center's close proximity to the subway and the Metra, which offers accessibility to the western suburbs.
Carolan would not disclose the lease rate on the deal. The average asking lease rate for class A buildings in the West Loop submarket is around $39 per sf, according to a market report by Grubb & Ellis. The submarket has an average occupancy rate of 88%.
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