Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Verizon Business Services has signed a lease renewal for 41,121 sf at 8750 W. Bryn Mawr Ave. and the Regus Group has signed a lease renewal for 36,438 sf at 8770 W. Bryn Mawr Ave. The two buildings, which total 631,445 sf, are collectively known as Triangle Plaza. The terms of the lease renewals were not disclosed but the Regus Group renewal is a long-term lease, says Howard Meyer, SVP with the John Buck Co.

Meyer represented Buck, which owns the building, in the lease transactions. Tim Hart and Greg Mika, both with Staubach Midwest LLC, represented Verizon and Baron Aldrine, David Justh and David Saad, all with CB Richard Ellis, represented Regus in the lease transactions. MCI, which merged with Verizon, became a tenant in the building in 1990, Meyer says. Regus has been a tenant since 1998.

The two buildings are currently 96% occupied but that number is expected to drop to 71% as of April 1, Meyer tells GlobeSt.com. “There is 170,000 sf that will be available,” he says. A lease for some of the space used by anchor tenant Rexam expires March 31. Several companies had been subletting the space and will be leaving the building, including NES Rental Holdings Inc., JDM and EMC, which had been subleasing 70,000 sf. The asking lease rate is between $16 and $17.50 per sf, net. Besides Rexam, other major tenants include Wilson Sporting Goods and Anheuser-Busch Cos., Meyer says. The building was constructed in 1985 and acquired by the John Buck Co. in 2006, he says. The sales price was nearly $92.3 million, sources say.

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?


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.