CHICAGO - MB Real Estate's EVP/Managing Director Mark Buth and Vice President Kathleen Bertrand completed more than 365,000 square feet in leases at Michigan Plaza last year, which were valued over $100 million. About 190,000 SF of the transactions represented new lease deals.
The Class A, two-building office complex is located at 205-225 N. Michigan Ave. in the downtown East Loop. MB Real Estate leases and manages Michigan Plaza on behalf of the ownership and has represented the property since 2005.
“It was an exciting year for us at Michigan Plaza having completed such a large number of transactions, several of which brought companies to the East Loop from neighboring submarkets,” Bertrand says in a release.
Relocations to the 1.9 million SF property include a 19,000 SF lease to Corbett Healthcare, relocating from 111 E. Chicago; a 51,000 SF square lease to Energy BBDO, coming from the Wrigley Building; a 15,000 SF lease to TPN Inc., which relocated from 500 N. Michigan Ave.; and a 15,000 SF lease to Resolutions Media, which relocated from 314 W. Superior. These firms are all members of Omnicom Group Inc.
“We spent several years laying the groundwork to make Michigan Plaza Chicago's hub for Omnicom through creative asset positioning,” says Buth.
Buth and Bertrand also focused on a program to extend existing lease terms. Lease extensions in 2012 included 75,000 SF for Cramer Krasselt and 50,000 for Gannett Inc.
Founded in 1982, MB Real Estate is a full-service real estate organization headquartered in Chicago with a regional office in New York City.
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