CHICAGO-The acquisition of a commodity training firm has encouraged a company to double its space on LaSalle Street, the financial district of the downtown. International Assets Holding Corp., a provider of execution and advisory services in commodities, has expanded its 30,000 square feet at the Federal Reserve Bank Building at 230 S. LaSalle.
The company’s subsidiary FCStone Group, an advisory and transaction execution firm, has occupied 15,000 square feet in the building. In July, the company also acquired Hanley Group Capital. The additional space will be used to house Hanley, beginning in February.
The 900,000-square-foot building, owned by the Federal Reserve, is about 97% leased, according to Andrea Saewitz with JF McKinney & Associates. She and Lauren Alexander represented ownership, and David Miller and Matt Carolan with Jones Lang LaSalle represented the tenant in the transaction.
Saewitz says in her experience with JF McKinney, she’s definitely seeing a dramatic pick-up in activity. “It’s still taking a little more time with deals, but people seem more confident.,” she says.
Miller tells GlobeSt.com that it was a 10-year lease, though he wouldn’t comment on the rate. The average lease rate for the Central Loop office submarket is about $37.98 per square foot, according to a third quarter report by Grubb & Ellis.
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