Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Verizon Business Services, a unit of Verizon Communications, has signed a lease extension for 72,700 square feet at Michigan Plaza. The communications and IT solutions company has extended its lease term for the three full floors it occupies in the low-rise section of 205 N. Michigan Ave. Mark A. Buth, SVP and managing director of leasing services for MB Real Estate, who acts as leasing agent for the building owner, tells GlobeSt.com that the tenant renewed early.

The lease term and rate were not disclosed. Brian M. Chernett and Dan Maslauski with Jones Lang LaSalle represented Verizon, while Buth, along with leasing representative Kathleen Bertrand, represented building owner Loeb Partners Realty LLC. The New York City-based firm bought the property in December 2004 for approximately $273 million, sources say.

Michigan Plaza consists of two towers–205 N. Michigan Ave., a 44-story tower, and 225 N. Michigan Ave., a 25-story tower–which total nearly two million square feet. The plaza is currently about 96% leased. Asking lease rates at Michigan Plaza range between about $28 and $32 per square foot, gross.

Amenities at the building include onsite management, 24-hour security, a concierge, 500 parking spaces, a bus that travels to and from the West Loop train stations, and retailers. The buildings, constructed in 1982, were designed by Fujikawa Johnson & Associates. The plaza underwent renovations last year which brought new signage and interior storefronts, landscaping, a canopy and frameless glass entrance, and a new security desk and turnstiles.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.