The company will be using the expanded space on the top floor ofthe eight-story building to add a Chocolate Academy, Kamin says.This will be the company's 10th academy globally but will be thefirst location in the US, he says. Barry Callebaut is expected tomove into the new space in June or July. Kamin and Todd Lippmanrepresented Barry Callebaut. Brad Despot, SVP with Jones LangLaSalle, represented the building owner.


A group of New York City investors, led by real estate attorneyVictor Gerstein, acquired the building in May for a reported $300million from a partnership including Taconic Investment Partners,Angelo Gordon & Co. and Centrum Properties. The 1.5-million-sfbuilding, which is listed on the National Register of HistoricPlaces, was constructed in 1908 as a distribution center forMontgomery Ward and underwent a nearly $200-million renovation bythe previous owners in 2001.


The building is 85% leased. The largest tenant in the buildingis Bankers Life and Casualty, which leases 207,536 sf in thebuilding. Other major tenants include Wrigley, the Big Ten Network,Innerworkings, Japonais Restaurant and David Barton Gym. The askinglease rate for office space in the building is $25 per sf, gross,Despot tells

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