Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-True Partners, a tax and business advisory firm, has expanded its lease at 225 W. Wacker Dr. The firm added 15,114 sf to their lease for a total of approximately 40,000 sf. The term of the lease is longer than seven years.

Matt Carolan and Steve Steinmeyer, both EVPs at Jones Lang LaSalle, represented the tenant in the lease transaction. Mark Gunderson and Monica Moore, both with Jones Lang LaSalle, represented building owner JP Morgan. The tenant has been in the building since 2005, which serves as the firm’s headquarters, Carolan says. True Partners is a “fast growing company” and needed additional space because “they have grown their client base,” he says. “With that, they have been attracting and recruiting top talent.”

The firm leases 25,000 sf on the 16th floor and will lease approximately two-thirds of the 15th floor. Being able to expand into contiguous space was important to the firm, Carolan says. The tenant will be moving into the additional space in January. Other tenants at 225 W. Wacker Dr. include Merrill Lynch and Wildman Harrold. The asking lease rate is between $21 per sf and $23 per sf, net, Carolan says.

The 650,000-sf building is currently well-leased with only a 6% vacancy, Carolan says. However, the building’s vacancy is expected to increase sharply when Morningstar Inc. moves out of the building in the fourth quarter. Morningstar is currently leasing about 150,000 sf at 225 W. Wacker, but will be moving into about 200,000 sf at 22 W. Washington St., the office portion of the Block 37 development. Market experts have been projecting that the vacancy caused by Morningstar leaving will be expected to be played out again and again across Chicago’s Central Business District as several new buildings will come online in the upcoming year.

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 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.