Ad Agency Expands at 444 N. Michigan

CHICAGO-TMP Worldwide Advertising & Communications has expanded to a full floor of 15,685 square feet at 444 N. Michigan Ave. in a direct space deal after previously being a subtenant at the 36-story, 516,797-square-foot office tower. Leasing director Lenora Adds of Cushman & Wakefield, who represents building owner GLL Real Estate Partners, tells GlobeSt.com that TMP's sublease expires at the end of September, with the ad agency due to occupy its expansion space on Oct. 1.

TMP previously leased about 11,000 square feet under its sublease on the 31st floor of the class A office tower. The new space is also on the 31st floor, where the tenant will now occupy the entire floor under the new lease, which is for five and a half years. The agency has expanded to accommodate its growing staff, which had added of 20 new employees. Terms of the TMP lease were not disclosed. The deals that are being done at the building now range from approximately $31.75 to $34 per square foot per year, full service gross.

TMP Worldwide is one of a number of tenants that have signed leases at recently at 444 N. Michigan, where occupancy is 80% and signed deals at the Mag Mile tower have topped 38,400 square feet since the second quarter of this year.

Among other recent transactions, Monster Worldwide Inc. renewed for 8,385 square feet and was represented by Anthony Karmin of Transwestern. The tenant is the parent company of jobs resource website Monster.com.

"We are starting to see a lot of growth within our property and a lot of activity in the marketplace," Adds says. “We’ve seen increased activity in 2010, but due to the amount of available space on the market, offering compelling and flexible deal structures is still key.”

Other tenants that have signed at 444 N. Michigan include VerveLife, a digital entertainment company, which was represented by Konstantine T. Sepsis and Daniel J. Nikitas of MB Real Estate in a 4,683-square-foot lease; accounting firm Leavitt Siegal, which signed a 2,253-square-foot deal negotiated by Josh Lapins of ForeFront Properties; engagement and solutions firm Lunchbox, which was represented by Brian Poe and Michael Wolfson of Marc Realty in a 2,245-square-foot deal; energy efficiency consulting firm Integrated Resource Solutions, which signed for 2,163 square feet and was represented by Ross Cosyns of Prudential Rubloff Properties.

Additionally, Brailsford & Dunlavey relocated its Chicago office to 2,025 square feet at the building. Steven R. Goldstein of Chicagobroker.com represented the Washington-based facility planning and program management firm.