CHICAGO—Union Investment Real Estate GmbH, the owner of 111 South Wacker, has just completed two new lease transactions that will fill about 75% of the space left vacant by the May 2015 exit of R.R. Donnelley.
Global insurer AXIS Reinsurance has signed an 11-year lease for all 28,609 rentable square feet on the 35th floor, and global investment banking firm Houlihan Lokey has signed a 15-year lease for all 57,298 rentable square feet on floors 37 and 38. The new leases keep the 51-story, 1.1 million square foot building's occupancy rate at around 97%, a rate it has held since opening in 2005.
“Even though it's only ten years old, the owners have committed to adding new amenities and making sure the building stays one of the top trophy properties in the market,” Jamey Dix of The Telos Group tells GlobeSt.com. Along with Telos' Brian Whiting and Bill Truszkowski, he represented the building's ownership. Tom Volini of Colliers International represented AXIS in the transaction, while Chris Wood, Steve Schneider, Andy Heymann of Cushman & Wakefield represented Houlihan Lokey.
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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.
