MBRE Completes CPS Lease for Sears Site

CHICAGO—MB Real Estate recently completed a 182,000-square-foot office lease with Chicago Public Schools for the Sears department store space at 1 N. Dearborn St. in Chicago, which the retailer plans to vacate in April. CPS will relocate its headquarters from 125 S. Clark in November 2014, and take a portion of the ground floor and the entirety of the lower level, 2nd and 3rd floors for its new offices, a fraction of the space it occupies on Clark St. CPS says the move will save it $60 million over the next 15 years.

MBRE represented the Chetrit Group, the owners of 1 N. Dearborn, in the negotiations once Sears decided it wanted to leave the retail space but hold onto the approximately 50,000-square-feet of office space it also occupies in the building. But MBRE has more work ahead as it deals with Sears’ departure.