Although terms were not disclosed, available space at the Merchandise Mart, which is 97% occupied, is on the market at $25 per sf. While economics played a part in the renewal, the Merchandise Mart's accessibility to public transportation--a Chicago Transit Authority elevated station is at the east door--also was a factor in the union's decision, according to brokers involved.
"We were able to effectively capitalize on the current market to render a very economically favorable deal for the Chicago Teachers Union," says Equis Corp. vice president Joe Zona, who represented the union along with senior vice president Kevin Duckler.
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