Huron Agrees to Restructured HQ Deal at Union Tower
The 10-year deal at the 17-story, 332,000-square-foot building in Chicago’s West Loop was announced by Colliers International. Onni Group acquired the Union Tower building earlier this year for approximately $80 million, according to multiple published reports.
CHICAGO—Global professional services firm Huron has inked a restructured 134,000-square-foot lease renewal deal for its corporate headquarters at the Union Tower office building at 550 West Van Buren St. here.
The 10-year deal at the 17-story, 332,000-square-foot building in Chicago’s West Loop was announced by Colliers International. Onni Group acquired the Union Tower building earlier this year for approximately $80 million, according to multiple published reports.
Cushman & Wakefield represented Vancouver-based Onni Group in the transaction.
Colliers International’s David Burden and Michael Marrion represented Huron in the transaction. Prior to its new arrangement, Burden explains that Huron had previously sublet the full 16th floor (20,667 square feet) to Consilio, which concurrently switched to a direct lease with the building owner. Huron also sublet a portion of the third floor, 5,393 square feet, to Aspiratech a few years ago. That sublease will terminate in 2021.
“Huron plans to renovate and improve its workplace in phases over the next few years,” says Burden, a principal in Colliers corporate services practice group. “The redesign of more open floor plans will allow Huron to increase efficiency and improve productivity and recruiting.”
The building owner is currently renovating its fitness center and tenant lounge, which is expected to be completed by the end of this year. The Union Tower is LEED Gold Certified and includes indoor heated executive parking, a Starbucks on-site, and elevator identity and access for up to three tenants per floor. The property is located adjacent to Union Station, the CTA Blue Line and area expressways.
In late October Huron announced financial results from continuing operations for the third quarter ended Sept. 30, 2019.Revenues increased $20.8 million, or 10.5%, to $219.3 million for the third quarter of 2019, compared to $198.4 million for the third quarter of 2018.
“Our strong third quarter performance was driven by continued organic growth across all three operating segments,” said James H. Roth, CEO of Huron. “Our clients continue to address the significant amount of transformation taking place in our core industries. We are evolving our service offerings to be responsive to the rapid pace of change in the industries we serve, which we believe will yield continued growth opportunities across all of our businesses.”
Net income from continuing operations increased $5.5 million, or 66.2%, to $13.7 million for the third quarter of 2019, compared to $8.2 million for the same quarter last year, primarily driven by continued positive performance in the healthcare segment and a decrease in depreciation and amortization.