"We're gearing up for the 132,000 sf in the Carillon Building that will be vacated in the first quarter of next year," Leah Bailey, senior leasing agent for Trinity Partners, tells GlobeSt.com.
Trinity sent out invitations for 100 or so brokers and prospective tenants for a cocktail party March 22 at Morton's of Chicago--the steakhouse in the 24-story Carillon Building at 227 W. Trade Street.
Hearst Corp. is vacating its space there next year to move into the 47-story, 950,000-sf Hearst Tower at 214 North Tryon St. Downtown that is due to be completed by the end of 2001 or early next year.
Rents in the class A, 460,000-sf Carillon range from $24 per sf to $26 per sf. The building, owned by San Francisco-based Shorenstein Realty Services, is currently 100% leased.
Hearst is taking 200,000 sf of the new tower, already 96% leased, Steve Gassaway, area director, Trammel Crow Co. tells GlobeSt.com. Typical tenants have been large law and CPA firms. Rents at the tower are $28.50 per sf. "It's not at the top of the market, but it's near the top," Gassaway says.
The downtown market has traditionally been tight, running only around 2% vacancies for class A space. The economy, however, is "softening a little," Gassaway points out. "But the Carillon's a good building and it should do well," he predicts.
Built in 1991, the Carillon has some upscale amenities in addition to Morton's restaurant. It has a parking ratio of 1.8 spaces per 1,000 sf leased, compared to most Downtown buildings that average 1.25 spaces per 1,000, Bailey says. The building also has a health club and a new restaurant called Taste.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
