Rental rates at the 575,294-sf building at the intersection of Washington Street in the West Loop average $25.51 per sf, according to Equity Office Properties' most recent earnings report. At that rate, the deal with The Segal Co. would be worth $1.27 million a year.
Equity Office Properties' Jim Philbin handled negotiations for the largest US office REIT. Julien J. Studley, Inc. corporate managing director Joshua D. Gorin represented The Segal Co.
Vacancy at 101 N. Wacker Dr. is the lowest in Equity Office Properties' Downtown Chicago portfolio, followed by a 2.5% vacancy at 200 W. Adams St. At the other end of the spectrum, vacancy at 1 N. Franklin St. was 15.6% at the end of the third quarter.
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