"The key challenge of the deal was making available 76,000 sf for occupancy by Nov. 1 in the face of the building's 2.2% vacancy level," says Stacey Kruger Birndorf, a director in Cushman & Wakefield's office brokerage services group.
The 50-story, 2.3-million-sf office tower built in 1974 is faring much better than the rest of the East Loop submarket, where the second-quarter direct vacancy rate was 12.5%, according to U.S. Equities Realty research. While lease terms were not disclosed, net rental rates in the Central Business District are as low as $18 per sf for class A space, and up to $22 per sf for class B space.
Kruger Birndorf and Robert Federighi represented Sargent & Lundy while Vicki Noonan and Kurt Houtkooper of Tishman Speyer Properties represented building ownership, TST 55 East Monroe, LLC.
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