Although lease terms were not revealed, the deal was termed an early, long-term renewal, an indication Marmon Group joined a growing list of Downtown tenants capitalized on the current softness in the office market, which the once hot West Loop has not escaped.
The 28-story, 479,000-sf building is a joint venture between Lend Lease Real Estate Investments and USAA Real Estate Co., which paid $85.8 million for the class-A asset in August 2001.
"Given the multitude of existing and proposed alternatives that are available to prestige tenant like Marmon, we are delighted to have them continue their occupancy at 225 with a long term lease," says USAA Real Estate executive director David Reahl in a statement.
The joint venture was represented by John Dempsey and Kim Robare of CB Richard Ellis, Inc. Joe Learner of Julien J. Studley Inc. represented Marmon Group.
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