X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Pfingsten Partners LLC is leasing 15,000 square feet at 300 N. LaSalle. The private equity firm will relocate its headquarters to Hines’ new 1.3-million-square-foot tower from its current location in north suburban Deerfield.

The company will occupy a portion of the 54th floor of the 60-story building now under construction in the Central Loop when it becomes ready for tenants this spring. The development has an estimated cost of more than $400 million.

“Pfingsten is currently located in the suburbs and made the business decision about 18 months ago to move downtown,” Tom D’Arcy, SVP with Hines, tells GlobeSt.com. “They wanted to be in on one of the top high rise buildings in the city. There’s very little space like this left in the city.”

Pfingsten has signed on for space originally set to be taken by Stockbridge Capital Partners LLC. The California-based real estate investment firm signed a lease for the entire 25,000-square-foot 54th floor and later put it on the sublease market, D’Arcy says. “They were approached by someone who was interested in leasing the space, but wanted to do a direct deal,” D’Arcy says. Hines bought out 15,000 square feet of Stockbridge’s space and leased it back to Pfingsten for a 10-year term.

Asking lease rates in the building are around $33 per square foot, net, D’Arcy says. The office tower is now about 92% preleased, and D’Arcy says Hines has continued to see consistent activity and interest in the building despite the contracting economy. “We still have steady demand for space, as evident by Pfingsten,” D’Arcy says.

Hines Interests acquired the 85,080-square-foot site for $32.5 million from a limited liability corporation controlled by Michael W. Reschke, former chairman of Prime Group Realty Trust. The 775-foot-tall building was designed by Pickard Chilton Architects and will offer more than 200 feet of frontage along the Chicago River, a three-story lobby, retail bank, restaurant, fitness center, conference center and riverfront plaza, according to a marketing brochure from Hines. Other amenities include an underground parking garage, enclosed bicycle storage room, and proximity to public transportation.

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?

GlobeSt

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.