Rreef Renews Deal for 42,037 SF at Hancock Center

(To read more on the net lease market, click here.)

CHICAGO-Rreef Management LLC, a tenant at John Hancock Center since 1982, will stay at the world’s tallest mixed-use tower for another 10 years. Now part of Deutsche Bank Group, RREEF Management signed a renewal for 42,037 sf on the 40th and 41st floors, an expansion of 3,009 sf.

The deal puts office vacancy at the building at 23%. Published net lease rates at 875 N. Michigan Ave. begin at $12 per sf.

“Rreef was able to take advantage of the soft market to achieve a significant rental rate reduction, while maintaining high quality space with spectacular views at a prestigious address,” says CB Richard Ellis senior vice president Cal Wessman, who represented the real estate investment advisor with senior vice president Mike McLaughlin. Leasing representative Sharon Valko of Shorenstein Realty Services handed negotiations for her company, which also owns Prudential Plaza in the East Loop and 500 W. Monroe St. in the West Loop.