UBS, one of the top 10 banks in the world, will use the 452,000 sf in a building being developed by John Buck Co. to house five subsidiaries after completion next year. It was the market's second-largest office lease deal in 2000.

Although terms of the lease were not disclosed, it included naming and external signage rights, fixed-rate expansion options, renewal options, base building upgrades, aggressive tenant improvement allowance, tax and operating expense caps, phased construction and move-in, and HVAC and electrical upgrades, according to Staubach Co., which represented UBS. Average asking rents in the West Loop area are in excess of $30 per sf.

"UBS anticipated that the growth of the employee population in Chicagowould call for increased space and site infrastructure," says Staubach Co. managing principal Steve Stratton. "The firm concluded that it made sense to bring together its various businesses around Chicago into one state-of-the-art location."

Managing principal Rob Schmidt and principal Jack Keenan also represented UBS.

The Staubach Co. also announced it has added five tenant-representation professionals to its Midwest corporate services office, luring them from the Chicago office of Julien J. Studley to focus on the suburban market. Fred Schuler and John Musgjerd join the firm as managing principals, David Matthews as a principal, Andrea Van Gelder as a senior vice president and Bart Friedman as vice president.

Schuler comes to Staubach after a stint as senior vice president at Julien J. Studley, where he specialized in build-to-suits, consolidations and strategy development. His clients in more than $50 million in transactions have included DePaul University, Navistar and Zurich Insurance. Musgjerd specialized in corporate headquarters, regional offices and the suburban area at Studley. Clients in his career that has seen $875 million in transactions include Aegis LLC, DePaul University, Navistar Corp. and Premier, Inc.

Instant Insights /

UBS Lease at 1 N. Wacker Includes Naming Rights

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