Represented by UGL Equis SVP and managing director Chris Wood, SVP Scott Goldman and senior associate Adam McCostlin, the company had not occupied its full space at the 810,000-square-foot complex for some time.
"They had given space back through sublease some time ago, so that was excess space they haven't needed for years," Wood tells GlobeSt.com. "When we decided to renew here rather than relocate, now was the time to give the space back. The right economic and operational decision became renewal."
True Value explored options to relocate in downtown Chicago as well as into the suburbs. The company has been located at the Presidents Plaza since 1996. The office complex was purchased by GlenStar Properties LLC and Prudential Insurance Co. of America in late 2006 for $129 million. The building owners recently completed a multi-million dollar renovation of the complex's common areas, including new parking, entrances and building lobbies.
The property is located in the O'Hare submarket, where occupancy is around 75% and average asking lease rates are around $22.60 per square foot, according to Jones Lang LaSalle's Q3 office market report. "The O'Hare market, like every market, is soft and there has been a real lack of corporate expansion and need for space," Wood says. "We were able to take full advantage of a tenants' market."
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