Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

CHICAGO-Two professional and financial service tenants have made moves, one staying in the West Loop while the other crosses the Chicago River. While Gresham Financial Management moves two blocks north, Inforte Corp. moves from the East Loop to River North.

Inforte Corp. moves from the 34th floor at 150 N. Michigan Ave. to the 12th and 13th floors at the 91-year-old 500 N. Dearborn St. next month after signing a 16,102-sf deal. “A unique space, spectacular 500-sf deck overlooking Downtown Chicago and a competitive rental rate helped them decide as well,” says CB Richard Ellis vice president Matt Carolan. While terms were not disclosed asking lease rates at Friedman Properties, Ltd. start at $19.50 per sf. However, net lease rates at 150 N. Michigan Ave. start at $13.50 per sf, according to Black’s Guide.

Gresham Financial Management signed a 15-year deal for 15,000 sf at 333 W. Wacker Dr., where asking net lease rates start at $16 per sf. The company will move early next year to the building now owned by KanAm US Grundinvest Fonds from 123 N. Wacker Dr., sold earlier this year by Dallas-based Prentiss Properties Trust to Triple Net Lease. The Santa Ana, CA-based investment company paid $174 million for the West Loop building, the prize in Prentiss Properties Trust’s nearly three-million-sf portfolio in the city and suburbs. Net lease rates there start at $18 per sf, according to Black’s Guide.

Steinco Corporate Real Estate Advisors managing principal David O. Stein represented Gresham Financial Management in negotiations with Bill Rolander of the John Buck Co. Rolander’s firm, along with Beacon Capital Partners, sold 333 W. Wacker Dr. last year for $208 million.

Josh Crane handled negotiations for Friedman Properties, Ltd.

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


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.