Although lease terms were not disclosed, Cramer-Krasselt renewed a lease for 54,965-sf at 225 N. Michigan Ave. at a lower rate, Equis Corp. says. Published asking net lease rates at the Illinois Center building - located in an East Loop area that several advertising agencies call home - are $16 per sf to $21 per sf.
"We were able to significantly enhance C-K's image at the landlord's cost as well as provide the firm with a very cost-effective long-term renewal at 225 N. Michigan," says Equis Corp. SVP Michael Bishop. He represented the tenant along with SVP Ralph Gerbie as well as vice president Steve Schneider. Mike Watts of J.F. McKinney represented 225 North Michigan, LLC.
The independent advertising agency has expanded 12 times in 15 years.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.