Chris Wood and Steve Schneider, both with UGL Equis, represented EMC Insurance. Francis Prock, with Colliers Bennett & Kahnweiler, represented building owner Colony Capital. EMC Insurance has been a tenant in the building since 2002. The property and casualty company had moved to the building in 2002 because "it was a good location for employees and serving their client base," says Wood, SVP and managing director of UGL Equis. By renewing now, the company was able to receive "some concessions that allow them to do some things to the space and some free rent," he says.
The 10-story, 232,000-sf building, which was constructed in 1991, was acquired by Colony Capital in 2005 for nearly $26.2 million, sources say. The building is about 83% leased, Wood says. Other tenants in the building include USA Financial Management, Maritz Inc., Alaris Consulting and the Illinois Park and Recreation Services Association. The asking lease rate for the building is $14.50 per sf, net.
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