CHICAGO-The American Institutes for Research has expanded its office lease to 17,400 square feet for five years at the Civic Opera building. The 45-story tower at 20 N. Wacker, with two 22-story wings, is also home to the Chicago Lyric Opera on the main floors.

AIR, a behavioral and social science research organization based in Washington, DC, recently acquired Learning Point Associates in the building and needed more space, says Gregg Witt with CB Richard Ellis. Witt, the leader of the company’s Nonprofit Practice Group, represented the tenant, and Jon Cordell with Tishman Speyer represented the building owner, Tishman Speyer.

He says he can’t comment on the specifics of the deal, but says the asking rate at the building is about $24 to $27 per square foot. The 900,000-square-foot tower is 80% occupied, with other tenants that include Cassiday Schade LLP.

The building should see a refurbishment project soon. In summer 2010, the owner reached an agreement with lenders, including the Federal Reserve Bank of New York, to restructure a $1.4 billion loan for five downtown office towers. The move was designed to allow Tishman to improve the properties, which include more than six million square feet in One North Franklin, 161 N Clark, 10 & 30 South Wacker, Civic Opera Building and 30 N LaSalle.

Witt says this area along Wacker Drive represents one of the pockets that is doing well in the downtown office market, but says there are still tenants out there looking for trophy buildings, such as the new towers proposed by Trammell Crow and Alter Group. “There’s always going to be a need for new construction, the question is whether or not they can get the critical mass of one or two large tenants to be one of the first to get out of the ground. It’s possible there will be job growth by 2014-15, when those new buildings could open,” he says.

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American Institutes Expands at Opera Building

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