CHICAGO—The East Loop submarket has lagged behind its counterparts in the Central Business District, posting the highest vacancy rate during the first quarter. Nevertheless, Mathematica Policy Research, Inc. has just decided to expand its lease within One Illinois Center at 111 E. Wacker Drive by an additional 6,209-square-feet.
The Princeton, NJ-based Mathematica, a social policy research firm, first chose the 32-story East Loop location in 2009 as their entrance into the Chicago market, and signed an 8,000-square-foot lease. The company also has offices in Ann Arbor, Michigan; Cambridge, Massachusetts; Oakland and Washington, DC.
It's a slight bit of good news for the East Loop submarket. The average vacancy rate was 15.6% after this year's first quarter, up from 15.5% at the end of 2012, according to Colliers' first quarter report. “The largest lease transaction to close in the East Loop during the first quarter occurred at 180 N. Stetson with Shuyler, Roche & Crisham's expansion to 37,000-square-feet,” the report states.
Ed Barnett and William Berndt of Paine/Wetzel/TCN Worldwide represented Mathematica while Christy Domin of Colliers International worked on behalf of the landlord, CS111 E. Wacker, LLC.
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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.
