X

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-The North American division of UK-based Henderson Global Investors expands by 30% to take 18,550 sf at Olympia Centre, the 63-story building at 737 N. Michigan Ave. It will relocate from the 19th floor to the 17th, which is currently undergoing a full renovation to accommodate its expansion requirements.

Robert Sevim, corporate managing director of the local office of Studley, represented Henderson in the search for expanded space and this transaction. “Chicago serves as the core of the company’s North American operations,” he says, “and it was imperative to secure space that reflects the firm’s international image while also supporting its budgetary goals. Several West Loop properties became strong relocation contenders,” he tells GlobeSt.com, “but the expansion opportunity and related economics at Olympia Centre ultimately provided the most favorable scenario.”

Although the North Michigan Avenue submarket has historically attracted ad agencies and other creative firms, Sevim says it represents “a well-priced and amenity-rich alternative to West Loop,” and cites Michigan Avenue’s abundance of hotels, restaurants and cultural venues. Olympia Centre includes approximately 350,000 sf of class A office space and 640,000 sf of residential. It was completed in 1985 and Neiman Marcus is its largest tenant. Others are the Saatchi & Saatchi ad agency and offices of the consulate generals of Japan and Switzerland.

Sevim declined to disclose the rental rate or value of the transaction and says the office portion of the building is approximately 80% leased. Derek Rolison of localy based M&J Wilkow represents the building owner, which is identified only by the property’s address. A call to Rolison was not returned by deadline.

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?

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.