Although terms were not disclosed, published net lease rates at Michigan Plaza, which includes 205 N. Michigan Ave., start at $15 per sf. They start at $17 per sf at One Illinois Center, also known as 111 E. Wacker Dr., but A&E's deal is said to be below that.
MB Real Estate senior vice president Andrew Davidson and leasing associate Chad Bermingham represented information technology and systems consulting firm TSC in renewal negotiations with Mike Watts of J.F. McKinney, who represented Lehman Brothers, which reportedly has put its two-building, 1.9-million-sf Michigan Plaza property on the market. Davidson and assistant vice president Boris Yelyashov also represented A&E Television Networks in negotiations with Lincoln Property Co.'s Genny Emerson.
"We were able to leverage the East Loop market to lower occupancy costs by over 20%," Yelyashov says.
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