CHICAGO—Harbor Group International has just appointed Avison Young as the exclusive leasing agent for two iconic downtown office properties in Chicago. Avison Young will represent Harbor in leasing 2 North LaSalle and One South Wacker, properties which have nearly 2-million-square-feet of combined leasable space. Harbor Group has finished many upgrades to the buildings and has begun exterior and lobby renovations at One South Wacker
“With the planned lobby renovations and amenity package upgrades at One South Wacker,” says Jordan Slone, chair and CEO of Harbor, “the full amenity package at 2 North LaSalle, our long-time presence in Chicago, and the experience of the Avison Young leasing team, the properties are well-positioned to outperform the marketplace in downtown Chicago.”
Tenants now occupy 79% and 82% of the space in 2 North LaSalle and One South Wacker, respectively, according to Avison Young. The Chicago office market recorded an overall year-end 2013 vacancy rate of 14%, which varied little throughout 2013, but both the CBD and suburban markets have seen positive absorption in the last several quarters of 2013. In the fourth quarter, tenants in the CBD leased more than 1.8-million-square-feet, bringing the 2013 total to 7.6-million-square-feet.
2 North LaSalle is a 26-story, 713,030-square-foot office tower located at the northwest corner of LaSalle and Madison Streets. The property has 28,000-square-foot floorplates and a host of top-tier tenants, including Levenfeld Pearlstein, LLC, Neal, Gerber & Eisenberg LLP, Computershare and Grind. Recent upgrades at the property include elevator cab modernization, corridor and restroom upgrades, and aesthetic improvements to the building’s lobby.
One South Wacker is a 40-story, 1.2-million-square-feet building at the corner of Madison St. and Wacker Dr. in the West Loop. The building has three distinct floor plans due to the tiered setback design, which allows the building to cater to full-floor tenants of varying sizes. Major tenants include RSM McGladrey and Aetna.
“This assignment comes at an opportune time as market conditions improve and Harbor Group completes the upgrades to the buildings,” says Michael McKiernan, Avison Young principal and managing director of the company’s Chicago office.
The new leasing team includes principals Michael Curran, Brad Despot and Eric Myers. “By marketing the assets together, we can strategically leverage the common amenities and location advantages of the two office towers,” says Curran.