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CHICAGO-PPM America has renewed its lease at 225 W. Wacker, expanding its space in the West Loop building by 10,000 sf for a total of 75,114 sf. The company has been in the 644,387-sf building since 1994, and will remain there for another 12 years under the new lease. The tenant will relocate its operations from part of the ninth floor to the occupy the entire 10th floor, where it will be contiguous to the company’s existing space on the 11th and 12th floors.

Andrew Davidson, EVP and managing director, and Jay Beadle, SVP with MB Real Estate’s Corporate Services group, represented PPM. Mark Gunderson and Monica Moore, both with Jones Lang LaSalle, represented building owner JP Morgan in the transaction. The tenantwill have the option to take on additional space in the building in the future.

“PPM has a good story,” Davidson says. “They’ve grown from 16,000 sf to 75,000 sf. They’re the internal money management arm of Prudential Insurance of London, and they’ve gotten much larger in terms of the amount of money they’re managing.”

Davidson would not disclose PPM’s lease rate, but said lease rates in the West Loop building range from $19 to $23, net, Davidson says. “The West Loop is the tightest market of all the corridors,” Davidson says. “People are moving west because they want to be near the transportation.” The main Metra lines meet at two stations in the West loop area.

This 31-story building has a 94% occupancy rate, which is expected to decrease significantly later this year when Morningstar vacates floors four through eight, Davidson says. PPM is among the largest tenants in the building, Davidson says.

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