X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Strata Decision Technology, based in Champaign, is moving its headquarters to a full floor of the Aon Center in September. Strata, a company which makes computer software for healthcare providers, will be leasing 33,090 sf in the 2.7-million-sf building, at 200 E. Randolph.

Strata was represented by Bill Sheehy with CB Richard Ellis. Wells Real Estate Investment Trust Inc., which owns the building, was represented by vice president Michael Curran and managing director Steve Smith, both with Jones Lang LaSalle. The lease term is 13 years, Curran says.

Strata is currently leasing about 6,500 sf at 233 N. Michigan Ave., Curran tells GlobeSt.com. The space on Michigan Avenue is used for consulting and support. The company’s corporate headquarters and its accounting, administration, sales and marketing departments are located at 2001 S. 1st St. in Champaign, according to the company’s website. Strata will move into the Aon Center on Sept. 1, which will be its corporate headquarters, Curran tells GlobeSt.com. The amount of space Strata leases at the Aon Center will increase over a three-year period to a total of 33,090 sf, he says.

The company could have expanded at their current Chicago location but decided to move to the Aon Center, Curran says. “Their existing building certainly could have accommodated their growth,” he says. There were several reasons why Strata chose the Aon Center, such as that the building has larger floor plates which gives the company the “flexibility to be able to grow and remain on one floor,” Curran says. Strata also chose the building because it has parking for 860 vehicles and there are nearby parking garages for a few thousand vehicles. The space is also already built out, which will reduce the amount of tenant improvement dollars and allowed Jones Lang LaSalle to “structure a deal favorable to the landlord,” he says.

The 83-story building, which was constructed in 1972, is currently 88% leased. Major tenants include Aon Insurance, DDB Chicago, Edelman and Xerox. The asking lease rate for the office space is between $15.50 per sf and $18 per sf net, Curran says. Amenities of the building include a post office, bank, restaurants, retail shops and the Mid-America Club, which is private dining facility on the 80th floor.

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.