at 131 S. Dearborn, though cuts
back to 224,000 SF.
CHICAGO-Office building owner Dearborn Capital Group has inked a deal to keep tenant Citadel LLC at its 1.4-million-square-foot downtown building located at Dearborn and Adams Streets. The long-term, 222,416-square-foot lease keeps the financial services company in place, though according to a report from Chicago Real Estate Daily, the tenant gave back 100,000 square feet to do so.
The office building at 131 S. Dearborn St. opened in 2003 with Citadel its main tenant at 324,812 square feet. The renewal, which keeps Citadel on the top six floors of the 37-story office building, kicks in when the current lease expires at the end of 2013. Dearborn Capital acquired the property in 2006.
According to Brian Whiting with Telos Group LLC, who represented the landlord in the transaction, the New York-based owners are looking for a single tenant to take Citadel’s space on the 26th and 27th floors. Also working on behalf of Dearborn Capital was Mark Baby of Chicago-based J.F. McKinney & Associates Ltd. Todd Lippman, John Nugent and Andrew Sussman with CBRE represented Citadel.
Chicago Real Estate Daily notes that other large tenants in the office building include JP Morgan Chase & Co., Seyfarth Shaw LLP, Holland & Knight LLP and Perkins Coie LLP. The building is 98% leased.