CHICAGO-Fifth Third Bank has renewed and expanded its lease by 35,000 square feet at 222 S. Riverside Plaza, to 218,135 square feet. The firm has now more than doubled the initial 100,000-square-foot lease it signed in 2005 in the 1.1-million-square-foot West Loop tower, owned by Behringer Harvard.
The bank occupies a ground floor retail space and the top floors 30-34, and has added the 29th floor. The Cincinnati-based company has 2,200 employees and 190 bank branches throughout Illinois and Northwest Indiana.
Cal Wessman, EVP with CB Richard Ellis, represented the tenant in the transaction, with assistance from Kevin Rogers and Brad Serot. Wessman tells GlobeSt.com that this deal, the largest renewal in the downtown this year, is a positive sign for downtown office leasing.
“It really seems like the office market downtown today is a tale of two worlds,” Wessman says. “There’s certain firms such as banks, technology and trading companies that are growing and expanding, and then you see the old line professional services, like law firms, that are maybe more static or decreasing in size. There has been slight improvement, but it’s going to be a long road back.”
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