Michael Kaiser represented building owner Hines in-house, while Dominic Sergi with Transwestern represented Fort Dearborn in the lease.
"Transwestern was instrumental in both finding the space and generating a high level of competition amongst a handful of selected properties," says Bill Marra, partner with Fort Dearborn. "101 N. Wacker is an ideal location, offers all of the amenities and is professionally managed by Hines – a significant upgrade from our previous space. Transwestern also provided excellent project management services during the build-out which was invaluable." Transwestern's Bob Klinger provided Fort Dearborn's project management services.
Hines purchased the 575,000-square-foot steel frame office tower from Tishman Speyer in August 2007 for about $131 million, sources say. Designed by Perkins and Will, the 24-story property was completed in 1980 and last renovated in 1990. Significant renovations are currently taking place to improve both the building's exterior appearance and interior efficiency for tenants.
The property is located in the West Loop submarket, where occupancy rates are around 86%, according to Grubb & Ellis' Q1 office market report. Asking lease rates in the submarket range from $32 to $38 per square foot, according to Grubb's research.
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