CHICAGO—Minneapolis-based US Bank has decided to move some of their Chicago operations from the West Loop into the heart of downtown.The bank has completed a 43,370-square-feet lease expansion at 190 S. LaSalle in Chicago, according to officials from MB Real Estate, which represented the bank in the lease negotiations.
This transaction follows a 66,000-square-foot lease for the financial institution at the same property negotiated in March of 2011, and brings their total space leased to about 110,000-square-feet. The bank also secured naming rights to the iconic tower, which will now be called US Bank Building.
“After US Bank's acquisition of a trust operation from Bank of America in 2010, we were hired to relocate this operation and provide a cost/benefit analysis for consolidating offices in existing locations versus relocating to a separate facility,” says Andrew Davidson, MBRE's executive vice president and managing director, who, along with Jay Beadle and David Burkards, both senior vice presidents, completed the lease expansion. Jon Copeland of CBRE led the lease team on behalf of ownership.
“As a result of our findings, we secured an initial 66,000-square-foot lease at 190 S. LaSalle,” Davidson adds. “This recent lease expansion at the property provides naming rights to the building as well as accommodates the relocation of additional US Bank offices from 550 W. Washington.”
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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.
