CHICAGO-The Feil Organization has confirmed that Chicago Title Insurance Co. is leaving its namesake building at 161 N. Clark for 86,207 square feet at 10 S. LaSalle St. in the downtown financial CBD. Feil, based in New York City, has an ownership interest and manages 10 S. LaSalle, which has boosted its occupancy up to the mid-80% range in the past five months.
The title firm is leaving the former Chicago Title Tower to occupy floors 30-32 at the 37-story 10 S. LaSalle, the site of the former Otis Building. The LaSalle tower is actually four years older than the 50-story building on North Clark, which was completed in 1990.
Brian Feil, VP of leasing for his family’s company, tells GlobeSt.com that it was a combination of greater deal velocity and a site renovation that attracted Chicago Title, as well as a relationship with building brokers J.F. McKinney. The building has seen a recent $1.1 million lobby renovation and new amenities such as a fitness center.
“It has been just a lot of hard work all around,” Feil says. “We definitely see Chicago as a great place to add tenants.” He declined to discuss the Chicago Title lease term or rate.
Since January, he says, the company has added or renewed about 105,000 square feet of tenants, including leases by Chromatin Inc., IPXI, Connect Search, the Great American Group, Motion Recruitment and everyone’s favorite firm this week, Facebook. Anchor tenants at the 800,000-square-foot tower include Northern Trust and Claussen Miller. Madison LaSalle Partners, which includes Jeffrey Feil, Lloyd Goldman, Jane Goldman and Joseph Nakash, bought the building in 2002 for a reported $139 million.
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