X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The Witkoff Group has retained its second-largest tenant at the Clark Adams Building, agreeing to a 26,910-sf renewal and restructuring with CRC Insurance. A tenant since 2002, wholesale insurance brokerage expanded its space at 105 W. Adams St. by 9,707 sf after considering relocation possibilities.

Meanwhile, U.S. Realty Management Co. LLC has signed deals totaling 20,500 sf at one of its buildings in the South Michigan Avenue Landmark District. Bacon Information Systems signed a deal for 12,049 sf in an expansion at 332 S. Michigan Ave. Kempster, Keller & Lenz-Calvo also signed an expansion there, and now has 9,400 sf at the former McCormick Building.

The previous lease at 105 W. Adams St. had a termination option in 2007 says CRC Insurance president and regional director Tim Turner. While Studley managing director Robert Sevim and executive vice president Joe Learner explored relocation possibilities, they ultimately negotiated a deal with CB Richard Ellis’ Paul Eleftheriou for a reduced rental rate and comprehensive expansion rights. Although terms were not disclosed, published gross lease rates at the 41-story building start at $21 per sf.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.