The $80-million makeover of 175 W. Jackson Blvd. was cited as redevelopment of the year at the 14th annual Greater Chicago Commercial Real Estate awards dinner. While lease terms were not disclosed, published asking gross rents at 175 W. Jackson start at $28 per sf, which would make the Grant Thornton deal worth at least $1.9 million a year. By comparison, published net rents at Shorenstein Realty's 130 E. Randolph St. top out at $28 per sf.
Peter Block, J. Frank Franzese and John McIlwain of Cushman & Wakefield's Chicagooffice represented Grant Thornton during lease negotiations while New York City-based Intell Management by property manager Menahem Deitcher. He won property rep of the year honors at the Greater Chicago Commercial Real Estate awards dinner for his efforts in leasing up the renovated building.
More than 1 million sf of space in the 1.45-million-sf former Insurance Exchange building, which includes 50,000 sf of retail space, has been leased. Earlier this year, Aon Insurance Corp. signed a 10-year lease for 115,000 sf, taking the 10th and 11th floors in a move from 230 W. Monroe St. in the West Loop. Also, the Regional Transportation Authority leased 40,000 sf for 15 years.
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