550 W. Adams Adds Two Tenants, Now 95% Leased

The law firm Lewis, Brisbois, Bisgaard and Smith LLP agreed to lease 20,195 sf, moving from 150 N. Wacker Dr., and consulting agency WhittmanHart signed a lease for about 28,000 sf, taking the building's fifth floor. Also, the building's anchor tenant, USG Corp., expanded its 332,000-sf lease by another 20,000 sf, taking the entire fourth floor, Saletta says. Humana also has two floors in the building, and Fifield moved its offices in two weeks ago.

The building was one of the four new office buildings to come online in the Loop area, and has enjoyed the success of new office space and the West Loop's popularity. "For this building in particular, we benefited from being across the street from the Union Station and the Ogilvie Transportation Center," Saletta tells GlobeSt.com. "Also, we were able to do 20,000-sf rectangular floor plates on a 27,600-sf footprint, allowing us to design an efficient core."

The average lease rate in the building is $23.50, and every lease is at least more than $20 net, Saletta says. The building has a total 479,000 sf. "We've had some pretty good interest in the building," he says.

Craig McKenna with Studley and Gende Ricciardi and Patrick Donovan with Ricciardi/Donovan Realty Inc. represented the law firm in the lease. Scott Goldman and Daniel Fisk with Equis Corp. represented WhittmanHart. CB Richard Ellis represented the building owner.