CHICAGO-Urban Retail Properties is moving to 16,581 square feeton the 24th floor at the 111 E. Wacker building. Thecompany plans to move from its current lease at 900 N.Michigan.

Boris Yelyashov, VP with Mb Real Estate, says the space wasperfectly set up for the tenant and will be an easy move in. Hewould not comment on the length of the lease except to say it islong-term. The building, part of the 4.6-million-square-footIllinois Center complex, has an asking rate of $14.50 to $15 persquare foot, triple-net.

He tells GlobeSt.com that while it is a great time to be atenant in this 17.2% vacant downtown office market, executivesshould still examine their business cases if they are thinking of amove. “Though this is a great time to leverage and some companiesmay have the right terminate naturally in this market, but at thesame time it may not make business sense. They may have lost a bigclient, for example, and they need to think about where theirbusiness is going. They may not want to make a seven-to-10 yearcommitment if they have three years left on their lease, it maymake sense to ride it out,” Yelyashov 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.