CHICAGO-ACE USA has renewed its lease at 525 W. Monroe St. through June2022 and is relocating into new space consisting of 60,032 squarefeet. The entity is the US retail operating division of the ACEGroup, which offers more than 170 sophisticated property, casualty,risk-management, and accident and health insurance products andservices through retail brokers.

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The company has leased at the 905,000-square-foot building since2000. The building, about 85% leased, is operated by TishmanSpeyer, on behalf of a partnership with the Crown family.

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ACE USA was represented in the transaction by Martin Horner,Eric Kunkel and Scott Ohlander of Jones Lang LaSalle. VictoriaNoonan of Tishman Speyer represented the building’s ownership.

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“Alternative locations in the West Loop along Wacker Drive wereconsidered for ACE’s requirement,” said Kunkel in a statement.“Market conditions made quite a few other buildingsattractive.”

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SPRINGFIELD, IL-Irvine, CA-based Steadfast Income REIT Inc. hasacquired its first multifamily property, Lincoln Tower, a 190-unitapartment complex in the downtown here. In connection with theproperty acquisition, the board of directors has authorized aninitial distribution equal to an annualized distribution rate of 7%on the public offering price of $10 per share. "We are pleased toreach these two important milestones in our newly formed REIT,"said Rodney F. Emery, CEO and president of Steadfast. "LincolnTower exemplifies the REIT's objective of investing in class B,workforce multifamily housing," said Emery. "We feel that thefavorable terms negotiated by the REIT coupled with the property'smany attributes position it to produce immediate income for ourinvestors." Lincoln Tower was built in 1968 and is at 520 S. SecondSt, directly across the street from the Illinois Capitol. The17-story building offers one-, two- and three-bedroom apartmentsranging from 750 square feet to 1,560 square feet, as well asexclusive underground parking facilities. Additionally, theproperty boasts approximately 8,500 square feet of commercialoffice space, which is currently 95% occupied. The property wasacquired from Lincoln Tower, Inc., an unaffiliated third party.Steadfast financed the acquisition with cash proceeds receivedthrough both its private and public offerings and financingprovided by the seller.

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SCHAUMBURG, IL-CB Richard Ellis represented CrossroadsDevelopment Partners in the leasing of a total of22,750-square-feet to three new tenants at Woodfield Corners OfficeCenter, 1300 E. Woodfield Rd. CBRE’s Mark Smith and Mike Grahamrepresented ownership in all three transactions. The three newleases are with Ericsson Inc., Stenograph LLC and MeadoworksLLC.

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BARRINGTON, IL-The Boulder Group has arranged the sale of asingle-tenant net-leased Walgreen’s property at 189 Northwest Hwy.for $9.3 million. The 14,490 square foot building is 100% leased ona long term basis to Walgreen’s. Randy Blankstein and Jimmy Goodmanrepresented the seller, a private Chicago developer. Walgreen’sBarrington 1 LLC, a California-based real estate investor, was thepurchaser. “This was one of the highest-priced Walgreen’ssold in 2010 and demonstrates the desirability of core singletenant properties in the present market environment” saidBlankstein.

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CHICAGO-Washington, DC-based Carr Workplaces, a provider ofworkplace solutions nationwide, will open its newest businesscenter in downtown Chicago at the Aon Center in early 2011. The25,000 square feet on the 51st floor of the 83-story building willbe Carr's second location in Chicago and its 24th in the UnitedStates. The business center will include 70 offices and team rooms,three conference rooms equipped with AV equipment, and itssignature Community Caf

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