The new location at the 473,646-sf O'Hare Plaza I office building offers a customer base that includes employees of major tenants KPMG, Cisco Systems, IGA and MCI Worldcom. The previous location was in Fifield Cos.' 310,000-sf Northwest Plaza, where Gino's East was the only restaurant.
While lease terms were not disclosed, published gross office lease rates at O'Hare Plaza I are $28.50 per sf. U.S. Equities Realty SVP John Clark represented the limited liability corporation that bought the asset for $49.5 million in 1998 from Allstate Insurance.
"We began the assignment a year ago with the full expectation of renewing their 7,300-sf lease but we were unable to reach a satisfactory agreement that would be beneficial to the interests of GER Higgins Corp.," says Grubb & Ellis Co. associate Craig Cassell, who handled tenant representation with Gino's East managing partner Russel Lubliner. "The space will undergo a total transformation into the traditional Gino's look and will feature the added attraction of outdoor patio dining in the summer."
Starting from its original location at 166 E. Superior St. in 1966, Gino's East now has 11 locations in the city and suburbs. Lubliner is one of only two independent Gino's East franchisees.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.