Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Two businesses have signed leases for a total of 35,037 sf at 200 S. Michigan Ave. RTKL Associates Inc., an international design firm, is leasing 26,100 sf and Clear Choice Management Service LLC, headquartered in Denver, is leasing 8,937 sf. The 22-story office building, with 357,777 sf, is owned by an affiliate of BPG Properties Ltd., which purchased the building in 2000. The building, which was constructed in 1958, underwent a $7.5-million renovation in 2001 that included new windows, new elevators and renovating the facades, lobby, bathrooms and corridors.

RTKL is moving its Chicago office from the Marquette Building at 140 S. Dearborn St., says Joe Neverauskas, senior vice president for BPG. Neverauskas says he did not know how much space RTKL currently leases but says the move is an expansion and will be an “almost doubling in size.” The firm will lease half of the 19th floor and the entire 20th floor with the option to expand. They are expected to move into the building in four to five months. Clear Choice, a dental implant center, is expanding from its Denver location and this will be its first Chicago office, Neverauskas says.

Both leases are for a term of 10 years. Neverauskas would not disclose the lease rate or aggregate value of the leases but said that the average lease rate for the building is $14 per sf, net. Both leases included typical build out allowances with some rent abatements but “nothing out of the ordinary,” he says.

The businesses chose the building because of the location is near the lake, Grant Park and Millennium Park, Neverauskas says. Additionally, the building is one of the newer buildings in the South Michigan Avenue historic district, he says.

With the two leases, the building will be 85% occupied, Neverauskas tells GlobeSt.com. Major tenants in the building include BPG, the Russian Tea Room, the South African Consulate, the Chicago Association of Realtors, security firm Securitas and advertising firm Lipman Hearne.

Principal Jeffrey Bernstein, associate director Ben Azulay and associate Andrew DeMoss, all with Bradford Allen Realty Services, represented BPG in the lease transactions. David Wilson, executive vice president of HAS Commercial Real Estate Services Inc., represented RTKL and Al Adducci, senior vice president of Marc Realty, represented Clear Choice in the transactions.

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?


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.