"The number of cost-effective alternatives in today's Downtown office market gave us tremendous leverage to negotiate extremely favorable terms that will begin well before YMCA of the USA's existing lease expires," admits US Equities Realty vice president Peggy McTigue, who represented YMCA of the USA with executive vice president Rob Schoder. "YMCA of the USA was willing to move if there was not a compelling incentive to stay. Equity Office Properties understood that and acted accordingly."
Although Cushman & Wakefield of Illinois reports overall vacancy in the West Loop has improved by a full percentage point in the past year, it still stands at 14.2%, according to that company's most recent market report. Meanwhile, overall Downtown vacancy is 16.6%, according to Cushman & Wakefield of Illinois.
Equity Office Properties leasing director Bruce Renwick handled negotiations for his company.
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