Andrew Davidson, EVP and managing director, and Jay Beadle, SVP with MB Real Estate's Corporate Services group, represented PPM. Mark Gunderson and Monica Moore, both with Jones Lang LaSalle, represented building owner JP Morgan in the transaction. The tenantwill have the option to take on additional space in the building in the future.
"PPM has a good story," Davidson says. "They've grown from 16,000 sf to 75,000 sf. They're the internal money management arm of Prudential Insurance of London, and they've gotten much larger in terms of the amount of money they're managing."
Davidson would not disclose PPM's lease rate, but said lease rates in the West Loop building range from $19 to $23, net, Davidson says. "The West Loop is the tightest market of all the corridors," Davidson says. "People are moving west because they want to be near the transportation." The main Metra lines meet at two stations in the West loop area.
This 31-story building has a 94% occupancy rate, which is expected to decrease significantly later this year when Morningstar vacates floors four through eight, Davidson says. PPM is among the largest tenants in the building, Davidson says.
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