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CHICAGO-MillerCoors has signed an office lease for 130,000 square feet at 250 S. Wacker. The second largest beer company in America will relocate its corporate headquarters to the top eight floors of the 16-story West Loop building in summer 2009. With this 15-year lease, the 240,000-sf building is about 66% occupied.

Jones Lang LaSalle managing director Michael Sessa, along with managing director Jock Howland and EVPs Craig McKesson, Dan Maslauski, Joel Jaffe and Hugh Murphy represented MillerCoors in the transaction. “The building worked for them for a number of reasons,” Sessa tells GlobeSt.com. “They were looking for somewhat of a unique environment, and they weren’t interested in the traditional high-rise office building. They were looking for something smaller that gave them more identity.” The building also offers MillerCoors outdoor space outside, on the rooftop of the building. It’s also convenient for its close proximity to Union Station, Sessa says.

The building, which was originally constructed in the 1960s, underwent a $24 million renovation in recent years. In April 2007, it was purchased for $57 million by AEW Partners V, headquartered in Boston, from former owners D2 Realty Cos. Representatives from CB Richard Ellis, which represented AEW in the lease, declined to comment on the transaction. MillerCoors received more than $20 million in city and state incentives on the deal, which came following the combination of the US and Puerto Rico operations of the company.

The building has several other smaller tenants on lower levels, which combined represent about 20,000 square feet, Sessa says. He says 80,000 square feet remains available for leasing in the building, where asking rates ranges around $26 per square foot, net.

“The West Loop has been the desired submarket, and a lot of the new development activity over the course of the last 10 years has all been in the West Loop,” Sessa says. “Because of a lack of available sites, some of that has begun to shift over to the river corridor. All of the downtown submarkets are beginning to flip toward the tenants favor, and the West Loop is beginning to soften as well, even though for years it has been the tightest.”

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