CHICAGO—The financial services company Wolverine TradingLLC has just extended its lease agreement at 175 W.Jackson Blvd., totaling 87,978-square-feet, and the deal couldillustrate a more concentrated effort by many CBD landlords tobuild up their properties' values.
“In the last 18 months, we've seen one ofthe most active sales cycles ever,” Robert Sevim,executive managing director of Savills Studley,tells GlobeSt.com. He co-brokered the transaction withDavid Stein of Steinco Inc., bothrepresenting Wolverine. Sean Murphy ofJMIC Corp. represented the landlord. “And becauseit's such a frothy market, we're seeing a lot of focus frombuilding owners on adding value.” And being accommodating to solidtenants, and making sure to lock them into long-term extensions, iscertainly part of the strategy, even if, as appears to be the caseat 175 W. Jackson, owners are not currently looking to sell.
KBS REIT III recentlyacquired 500 W. Madison for about $425 million. And 300 N. LaSallejust sold for about $850 million, the highest price ever paid for aChicago office building.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
