X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Burrell Communications is moving from two other Michigan Avenue locations to 233 N. Michigan Ave., a 30-story office building in the Illinois Center complex that became a joint venture. Meanwhile, a soft market also played a part in Geneva USA’s decision to renegotiate its sublease and increase it to 12,553 sf less than a mile north at 980 N. Michigan Ave.

Published lease rates at Parkway Properties’ and Investcorp’s joint venture at 233 N. Michigan Ave. started at $18 per sf net. Net rates start at $15 per sf at One Magnificent Mile, but taxes and expenses add another $15 per sf to the bill.

Cost reduction for the tenant was a goal achieved in Burrell’s 34,508-sf lease deal, says Equis Corp. senior vice president Alain LeCoque. “Moreover, we were able to structure the transaction to overcome some substantial negative accounting, tax, and cash-flow impacts due to existing obligations,” says LeCoque in a statement.

“While still continuing to take advantage of current sublease space, the company was able to capitalize on current market conditions and secure a long-term, cost-effective lease that offered much needed expansion space,” says Grubb & Ellis senior vice president Tom Volini, who represented Geneva USA, an electronic trading firm, in negotiations with Insignia/ESG.

Burrell Communications, an advertising agency specializing in African-American and urban markets, has a client list that include McDonald’s, Sprite, Verizon, and the Illinois Lottery.

Vice president Steve Schneider and associate Jeff Lindenmeyer represented Burrell Communications while Brian Whiting of J. McKinney & Associates represented the joint venture.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.