CHICAGO-The North American division of UK-based Henderson Global Investors expands by 30% to take 18,550 sf at Olympia Centre, the 63-story building at 737 N. Michigan Ave. It will relocate from the 19th floor to the 17th, which is currently undergoing a full renovation to accommodate its expansion requirements.
Robert Sevim, corporate managing director of the local office of Studley, represented Henderson in the search for expanded space and this transaction. "Chicago serves as the core of the company's North American operations," he says, "and it was imperative to secure space that reflects the firm's international image while also supporting its budgetary goals. Several West Loop properties became strong relocation contenders," he tells GlobeSt.com, "but the expansion opportunity and related economics at Olympia Centre ultimately provided the most favorable scenario."
Although the North Michigan Avenue submarket has historically attracted ad agencies and other creative firms, Sevim says it represents "a well-priced and amenity-rich alternative to West Loop," and cites Michigan Avenue's abundance of hotels, restaurants and cultural venues. Olympia Centre includes approximately 350,000 sf of class A office space and 640,000 sf of residential. It was completed in 1985 and Neiman Marcus is its largest tenant. Others are the Saatchi & Saatchi ad agency and offices of the consulate generals of Japan and Switzerland.
Sevim declined to disclose the rental rate or value of the transaction and says the office portion of the building is approximately 80% leased. Derek Rolison of localy based M&J Wilkow represents the building owner, which is identified only by the property's address. A call to Rolison was not returned by deadline.
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