CHICAGO-Integrys Energy Group Inc., the parent company of People’s Gas, has agreed to move out of almost 200,000-square-feet at One Prudential Plaza and into 150,000-square-feet at Aon Center. The move will reportedly boost the 2.7-million-square-foot Aon tower to 87% leased.
Studley represented Integrys, while Jones Lang LaSalle represented the owner, Piedmont Office Realty Trust. Lisa Davidson, executive managing director with Studley, tells GlobeSt.com that the tenant decided it could drop 25% to reduce costs.
“They wanted to use the opportunity to get more efficient space,” she says. Integrys will move into the Aon tower, at 200 E. Randolph, in second quarter 2014. The building is linked, via the lower lobby, to the Fairmont Hotel and Lakeshore Athletic Club.
Because there’s been a complete lack of office development downtown, Davidson says options are dwindling for tenants looking for large space options. “Fortunately when we started, we weren’t limited to a certain area for Integrys. If a tenant says they just want to be in the West Loop, for example, that can be a game changer,” she says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
