Matt Carolan and Steve Steinmeyer, both EVPs at Jones LangLaSalle, represented the tenant in the lease transaction. MarkGunderson and Monica Moore, both with Jones Lang LaSalle,represented building owner JP Morgan. The tenant has been in thebuilding since 2005, which serves as the firm's headquarters,Carolan says. True Partners is a "fast growing company" and neededadditional space because "they have grown their client base," hesays. "With that, they have been attracting and recruiting toptalent."


The firm leases 25,000 sf on the 16th floor and will leaseapproximately two-thirds of the 15th floor. Being able to expandinto contiguous space was important to the firm, Carolan says. Thetenant will be moving into the additional space in January. Othertenants at 225 W. Wacker Dr. include Merrill Lynch and WildmanHarrold. The asking lease rate is between $21 per sf and $23 persf, net, Carolan says.


The 650,000-sf building is currently well-leased with only a 6%vacancy, Carolan says. However, the building's vacancy is expectedto increase sharply when Morningstar Inc. moves out of the buildingin the fourth quarter. Morningstar is currently leasing about150,000 sf at 225 W. Wacker, but will be moving into about 200,000sf at 22 W. Washington St., the office portion of the Block 37development. Market experts have been projecting that the vacancycaused by Morningstar leaving will be expected to be played outagain and again across Chicago's Central Business District asseveral new buildings will come online in the upcoming year.

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