X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Greenmoor Financial Group LLC has signed a lease for 23,000 square feet to occupy the entire 19th floor at 200 S. Wacker. The financial group had spent nearly three years as a subtenant in the space, and now has signed a seven-year lease directly with building owner Behringer Harvard Holdings LLC to maintain occupancy.

Greenmoor was represented by Tony Karmin, EVP, and Scott Becker, senior associate, both with Transwestern in the lease, while Barbara Schenberg and Bill Rolander of The John Buck Company represented Behringer Harvard. Karmin and Becker took the company through a year-long marketplace evaluation before deciding to remain at 200 S. Wacker. “They loved the location, and the space they’re in has great infrastructure from a technology and mechanical standpoint, which was critical in their decision,” Karmin tells GlobeSt.com.

“As a trading group, they have a significant need for power and the space they’re in has the power that can accommodate 100 traders,” he says. “What was also relevant to them staying in the building was that the lease gives them the ability to take more space on other floors should the need arise in the future.” Previous to its current location, Greenmoor was based out of around 5,000 square feet at 221 N. LaSalle, Karmin says.

Asking lease rates in the 754,751-square-foot 200 S. Wacker range from $19 to $22 per square foot net. Constructed in 1981, the 40-story building’s occupancy rate is around 61%, with 290,000 square feet available for lease. The largest piece of contiguous space available is about 90,000 square feet on floors 25 through 28, formerly occupied by The Boston Consulting Group, which recently moved out of the building. Existing tenants in the building include Ziegler Capital Management LLC, occupying about 45,000 square feet, Regus, with 44,000 square feet, and University of Illinois, which has about 40,000 square feet.

The property is located in the West Loop submarket, where asking lease rates are around $39 per square foot gross, and occupancy rates are around 88%, according to Cushman & Wakefield’s year-end office market report. “The West Loop always considered the best and most popular market because of its proximity to public transportation,” Karmin says. “In a time when demand is down, the Wacker Drive corridor continues to be the premiere area of downtown Chicago to have your office.”

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.