Kulberg and Joe Learner, executive vice president with Studley,represented Chuhak & Tecson in the lease transaction. EricMyers, with Tishman Speyer, represented the building owner. Thefirm had occupied 37,665 sf under both a lease and a sublease withthe sublease due to expire in November 2009, says ScottKulberg.

|

Chuhak & Tecson occupies the entire 26th floor and part ofthe 27th floor, with the ability to expand to the entire 27thfloor, Kulberg tells GlobeSt.com. The new lease renewal andexpansion also includes a tenant improvement allowance.

|

Tishman Speyer, headquartered in New York City, acquired thebuilding last year as part of a 6.5-million-sf portfolio acquiredfrom Blackstone for $1.7 million, as previously reported byGlobeSt.com. Tishman Speyer also acquired, last year, two tradingfloors in the complex that had been owned by the Chicago MercantileExchange Group.

|

The two floors that each measure reportedly about 35,000 sf weresold for a reported $16 million, as previously reported byGlobeSt.com. The nearly 1.2-million-sf building at 30 S. Wacker Dr.is part of a complex that also consists of a 1-million-sf buildingat 10 S. Wacker Dr. and a small connecting building at 20 S. WackerDr. The complex is currently only 3.5% vacant, Myers says. But,"over 300,000 sf of space is expiring at the end of this year at 30S. Wacker," he says.

|

Tishman Speyer is currently in negotiations with BP to lease245,000 sf on floors 11 to 21 on all three buildings, Myersconfirmed. However, Myers said, that he could not release anyfurther information about the lease negotiations at this time. Theasking lease rates for the complex range from $20 per sf to $28per-sf net, he says.

|

Renovations are expected to begin soon on 30 S. Wacker, whichwas constructed in 1983, and 10 S. Wacker, which was constructed in1987. The lobbies of both buildings are expected to be renovated bythe end of the year. Additionally, the façade for 20 S. Wacker willbe replaced and windows will be added to the space that hadpreviously been trading floors, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.