X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Beacon Capital, which recently paid $192 million for the 1.1-million-sf 222 S. Riverside Plaza, has kept DMI Brokerage, LLC at the West Loop asset. Meanwhile, Equity Office Properties Trust has renewed a deal with the Tower Club for 16,406 sf over three floors at 2 N. Riverside Plaza.

“The Civic Opera Building is a Chicago icon, and after evaluating other Downtown space alternatives, we concluded that this location enables us to best serve our members throughout Downtown and the West Loop,” explains University Club controller Don Cameron of the decision of the group’s affiliate to remain at 2 N. Riverside Plaza. Studley, Inc. managing director Josh Gorin represented the Tower Club.

DMI Brokerage signed a 12,700-sf renewal that also is an expansion of its current headquarters at 222 S. Riverside Plaza, where occupancy was 92% when Beacon Capital acquired it in July. “With little time left on their lease, DMI required almost double the space,” says MB Real Estate leasing representative Chad Bermingham. “After reviewing their alternatives, they decided to remain in the building. We were able to negotiate a generous improvement allowance to complete the build-out for their expansion as well as a reduction in lease rate and substantial rent abatement.”

In addition to the Tower Club, National Automatic Merchandising Association renewed its lease on 14,419 sf on the 35th floor of 2 N. Riverside Plaza. Tiffany Winne of Studley, Inc. represented NAMA, a tenant in the Civic Opera Building for more than 20 years.

Bermingham represented DMI Brokerage, an excess and surplus lines commercial property and casualty insurance broker, along with MB Real Estate assistant vice president Michael Cello. Bill Rolander of the John Buck Co. represented Beacon Capital.

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.