A tower spokesman says the leases bode well for the West Loop building. "This is important because it shows that leasing activity is strong," the spokesman says. "The market in general has had its share of bumps, and this is a positive sign. The big thing with OfficeLinks is that they leased the entire floor."
OfficeLinks, a provider of furnished and equipped office space, leased 30,000 square feet. John Brod and Howard Hersch of New York City-based PBS Real Estate represented the firm in the transaction.
Harsh Mehta with OfficeLinks says construction to gut and rebuild the 84th floor will begin in October and continue through early 2009, when the company will move into the space. Mehta says his firm's lease term is 15 years.
Also taking new space is a global real estate investment banking advisory firm. Jock Howland, of the Staubach Co., represented the tenant, who will occupy 16,000 sf in the mid-rise section of the building. The Sears spokesman would not disclose the name of the firm, or the lease term.
AS&K Mercury, a healthcare communications provider, rounds out the most recent leases, signing on for 4,500 sf in the low-rise section of the Sears Tower. Larry Serota and Scott Becker with Transwestern represented the tenant. A lease term was not available.
The signing of these three leases came on the heels of four other new tenants earlier this month for the building. A total of seven new leases have been signed this month, which combined to more than 92,000 sf. With these most recent leases, the building's occupancy rate is around 80 percent, the spokesman tells GlobeSt.com.
The spokesman attributes the recent influx of lease activity within the building to US Equities Realty, which took over as leasing agent and property manager of the tower in April 2007. "They've been putting marketing programs and broker outreach in place," the tower spokesman says. "This is the result of seeing all their work come to fruition."
The 3.8-million-sf Sears Tower is owned by 233 S. Wacker LLC, which includes American Landmark Properties, the Chetrit Group and the Moinian Group. The lease rates average in the mid-teens to the mid-$20s.
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