Thought Leader Presented by CBRE
Thought Leader Presented by Cushman and Wakefield
New Tenants Filling Hole Left by Hyatt at 71 South Wacker, A Chicago Trophy Tower
“Hyatt’s departure presented a once-in-a-generation opportunity to diversify our customer community and welcome a modern array of companies across industries and sectors,” says Greg Tait, senior leasing director for Irvine Company Office Properties’ Chicago portfolio.
CHICAGO, IL—Irvine Company Office Properties has moved quickly to replace a former hotel tenant at 71 South Wacker with seven new leases totaling 217,844 square feet of space in the 48-story modern workplace community in downtown Chicago.
More than half of the leasing activity is in space formerly occupied by Hyatt.
“Hyatt’s departure presented a once-in-a-generation opportunity to diversify our customer community and welcome a modern array of companies across industries and sectors,” says Greg Tait, senior leasing director for Irvine Company Office Properties’ Chicago portfolio. “The world-class design and breathtaking views of 71 South Wacker makes it one of the most sought-after addresses in Chicago. These new leases understood that, and they reflect an exciting evolution in our workplace community.”
New leases include:
- Benesch Law, a business law firm known for providing highly sophisticated legal services to national and international clients, has leased 63,749 square feet of former Hyatt The company will occupy the 15th and 16th floors, and will move in 2019.
- Columbia Threadneedle Investments, a global asset manager, has signed a lease for 21,737 square feet and will occupy its space in 2019.
- EVRAZ North America, a producer of engineered steel products for rail, energy and industrial end markets, signed a lease for 27,717 square feet.
- Legal & General, a British multinational financial services company, has expanded its lease to occupy 63,141 square feet.
- Lighthouse Investment Partners, a global investment management firm that offers hedge fund solutions to investors, has leased 16,629 square feet and will occupy its space in December 2018.
- Maven Wave, a technology consulting firm specializing in cloud solutions, data analytics and application development, has expanded its lease to occupy approximately 20,000 square feet across the 20th and 34th floors.
- Spectrum Science Communications, a marketing and communications agency helping health and consumer organizations tell their science stories, has leased 4,871 square feet.
“With the competition for talent heating up, we needed a modern workplace that helps set us apart by providing an innovative environment for the ambitious employees our firm attracts,” says John Banks, chief operating officer of the Benesch law firm.
One source of that attraction is the iconic building’s interior transformation:
- The second floor will feature The Exchange, a gathering place incorporating casual WiFi-enabled workspaces that will be ideal for meetings, team-building events and lunch breaks. It will also feature the TapRoom, a self-pour bar with curated coffee, beer and wine selections.
- A chef-driven café will offer a diverse menu that aligns with customers’ lifestyles, food tastes and diets to personalize the office dining experience.
- KINETIC, Irvine Company’s state-of-the-art fitness center featuring Peloton workout equipment, new group fitness classes and private training rooms, will take workplace wellness to the next level.
- The conference center, arriving early 2019, will support an increasing customer need for onsite company-wide meetings and group trainings featuring large capacity, flexible seating for up to 150 attendees.
Last year, Irvine Company launched the reinvestment activity at 71 South Wacker in dramatic fashion by installing two 29-foot “Suspended Light Veils” in the buildings’ floor-to-ceiling glass lobbies. Designed by James Carpenter, the transparent and diaphanous sculptures are illuminated by theatrical lights from above and LED accent light strands from within. The sculptures bring the majesty of the sky into an urban setting and are open to the public during regular business hours.
The Irvine Company entered the Chicago market in 2010, when it acquired the 48-story, 1.5-million-square-foot 71 South Wacker. Designed by Pei Cobb Freed, the tower’s elegant elliptical design offers expansive views and is home to prestigious customers in hospitality, legal, financial services and technology, including IBM and the law firm of Mayer Brown.
“71 South Wacker gives Maven Wave an innovative and collaborative workspace with unparalleled amenities, that allow our employees to deliver exceptional and customizable technology-based experiences for our clients,” says Jason Lee, founder and partner of Maven Wave.
An army of brokers represented the tenants in the transactions Irvine announced.
Joe Learner and Jon Azulay of Savills Studley represented Benesch Law. David Findling of Cushman & Wakefield represented Columbia Threadneedle Investments. Rob Schmidt of Jones Lang LaSalle represented EVRAZ North America. Todd Lippman, Scott Brandwein, and Jacob Ehrenberg of CBRE represented Legal & General. Ari Klein and James Stein of Cushman & Wakefield represented Lighthouse Investment Partners. Jon Milonas of CBRE represented Maven Wave. Kyle Robbins of MB Real Estate represented Spectrum Science Communications.
Brad Despot, Annie Nicolau, and Mark Georgas of JLL represented the Irvine Company in all deals.