Andrew Davidson, EVP and managing director, and Jay Beadle, SVPwith MB Real Estate's Corporate Services group, represented PPM.Mark Gunderson and Monica Moore, both with Jones Lang LaSalle,represented building owner JP Morgan in the transaction. Thetenantwill have the option to take on additional space in thebuilding in the future.


"PPM has a good story," Davidson says. "They've grown from16,000 sf to 75,000 sf. They're the internal money management armof Prudential Insurance of London, and they've gotten much largerin terms of the amount of money they're managing."


Davidson would not disclose PPM's lease rate, but said leaserates in the West Loop building range from $19 to $23, net,Davidson says. "The West Loop is the tightest market of all thecorridors," Davidson says. "People are moving west because theywant to be near the transportation." The main Metra lines meet attwo stations in the West loop area.


This 31-story building has a 94% occupancy rate, which isexpected to decrease significantly later this year when Morningstarvacates floors four through eight, Davidson says. PPM is among thelargest tenants in the building, Davidson 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

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