CHICAGO-Traveler’s Idemnity Co. is consolidating space and moving from its six year, 97,000 square feet at 200 N. LaSalle St. to just slightly more than 80,000 square feet at 161 N. Clark St. The new lease will bring the Tishman Speyer-owned building, a 1.1-million-square-foot office tower, to 92% occupied.
The Clark Street building is in the Central Loop, near the Daley Center, Thompson Center and city Hall, as well as the legal, financial and other professional services firms that must locate near the government offices. Traveler’s is going to operate its local insurance, marketing and legal operations out of the Clark Street space. The lease rate or term wasn’t disclosed. Average lease rates for the submarket for class A space are at $37.26 per square foot, according to a Grubb & Ellis first quarter market report.
The North LaSalle building, a 630,000-square-foot tower, was purchased by Younan Properties from Transwestern for more than $100 million in late 2006. Traveler’s is the second largest tenant in the building, after CareerBuilder.
Scott Goldman with UGL Equis Corp. represented Traveler’s in the new lease. Joseph Gordon and Jon Cordell represented Tishman. Goldman and a spokeswoman for Traveler’s did not return calls for comment on the lease. Tishman executives refused to comment.
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