CHICAGO-Accounting and consulting firm of BDO USA LLP has entered into a new lease with an affiliate of Prime Group Realty Trust. The lease allows BDO USA to move its Chicago office into 33,267 rentable square feet of space on the 32nd floor of the company’s 330 N. Wabash building.
The initial term of the lease is 11 years and will begin on December 1, 2012. Although Jeff Patterson, chairman, president and CEO of PGRT, could not disclose taking rent at this time, he tells GlobeSt.com that the asking rents at 330 N. Wabash are in the “high 20’s net.”
Ken Mooney, executive director of operations of BDO USA, says that “The state of the art office space and amenities that the building is providing pursuant to its current ongoing redevelopment, as well as its convenient location on the Chicago River overlooking Wacker Drive, made it the top choice for our relocation.”
PGRT also revealed that an existing tenant in 330 N. Wabash Ave., law firm Patton & Ryan LLC, has signed a lease amendment that provides for the relocation of Patton & Ryan’s leased premises within the building from 20,186 to 23,252 rentable square feet and extends the term of its lease for approximately seven years, through to Jan. 31, 2024.
“The completion of these two transactions continues our success in leasing the building toward full occupancy in light of the previously announced American Medical Assoc., Latham & Watkins, SmithBucklin Corp., and Burke, Warren, MacKay, and Serritella PC leases,” Patterson says. With the addition of the BDO USA and Patton & Ryan leases, 330 N. Wabash Ave. is approximately 87% leased.
John W. Patton Jr., managing partner of Patton & Ryan, says in a prepared statement that “We have been very satisfied over the last nine years that we have been a tenant at 330 North Wabash with the location, management and quality of the building, and we believe that the ongoing redevelopment of the building, and the infrastructure improvements and developments in the surrounding area, all combine to make 330 North Wabash an even more attractive location for our business.”
330 North Wabash was designed by architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. The owner is a joint venture between subsidiaries of Prime Group Realty Trust, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm. PGRT is the property manager and leasing agent for the property.
BDO USA was represented by Howard Ecker and Pamela Parasugo of Howard Ecker + Co., and Patton & Ryan was represented by Joe Learner of Studley. PGRT was represented by its EVP of leasing, Steven R. Baron.
According to a prepared statement, the building has undergone and is currently undergoing a renovation that includes a new state of the art fire and life safety system, new restrooms, elevator cab modernization, updating the building’s HVAC system, and asbestos abatement. Also under construction is a new 5,000-square-foot state of the art fitness center, a food service cafe and a conference center. In addition, a new five-star Langham Chicago Hotel on floors two through 13 of 330 N. Wabash is scheduled to be open in the second quarter of 2013. The hotel will feature approximately 316 rooms and suites and will include a full service restaurant, meeting and conference facilities, as well as a fitness facility and a wellness retreat, Chuan Spa.
According to a recent Chicago office report from Jones Lang LaSalle, the market for large blocks and high-rise space remains tight, but small- and mid-sized users are finding space alternatives remain plentiful in most class A and B office buildings. According to the report, a user seeking less than 50,000 square feet has its choice of buildings and spaces and landlords appear eager to accomodate.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
