CHICAGO, IL- Jones Lang LaSalle announced yesterday that they had been hired to act as leasing agent for the 2.1-million-square-foot Illinois Center in Chicago's East Loop neighborhood. Massachusetts-based CommonWealth REIT owns the two buildings at 111 E. Wacker Dr. and 233 N. Michigan Ave. and Reit Management and Research LLC, Real Estate Services handles day-to-day management.
JLL now handles the leasing for CommonWealth's entire Chicago portfolio of 3.35-million-square-feet including the 600 W. Chicago Ave. building.
Brian Atkinson, Monica Moore and Brad Despot from JLL will handle the leasing of Illinois Center.
The complex includes more than 30 restaurants and outlets on the concourse level. Other amenities include a conference room, fitness center, an attached parking facility and easy access to public transportation.
JLL comes on board just before CommonWealth begins renovations, all designed by the Chicago architectural firm Goettsch Partners, of Illinois Center's plaza, retail concourse and the main entrance. CommonWealth hopes to begin in May and complete the job in phases over the next 18 months.
The remake may help JLL attract tenants to the East Loop, which at times has been a bit tougher than in other downtown neighborhoods. The area suffered more during the recession and its recovery slowed a bit in 2012, according to a year-end report by Colliers International. The vacancy rate peaked at 16.7 percent in 2009, fell to 15.6 in 2011 but ticked back up to 16 percent last year. However, Colliers concludes that “historically low pricing . . . will allow East Loop landlords to continue attracting tenants from other submarkets.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
