Jones Lang LaSalle also picks up management of another 2.2 million sf in the New Jersey and Washington, DC markets from Atlanta-based owner Wells Real Estate Funds. "Jones Lang LaSalle's reputation and well-respected brand, coupled with the caliber of its employees, makes us confident in their ability to successfully lease and manage our assets," says Wells Real Estate chief real estate officer Don Miller, whose company paid $465 million for the building in 2003.
While terms were not disclosed, published net lease rates at Aon Center begin at $17.50 per sf, which would make the lease worth nearly $23 million. However, staying at the East Loop building had strong support from company employees, according to focus groups and surveys. "Aon Center exceeds all of our expectations," says Jones Lang LaSalle chief executive officer Peter C. Roberts.
Occupancy at Aon Center, first known as the Standard Oil Building when it was constructed in 1972 for the namesake tenant, stands at 85%. Total vacancy in the East Loop submarket is 22.7%, according to the most recent market report from US Equities Realty.
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