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CHICAGO-The American Board of Medical Specialties will double its space by subleasing 20,000 square feet at 222 N. LaSalle. The nonprofit organization will relocate to the 961,000-square-foot Central Loop office tower from its current headquarters in about 10,000 square feet at 1007 Church St. in Evanston. ABMS will take over the space from GE Capital beginning June 1.

“This is significant growth that allows them to accommodate functions that couldn’t accommodate in their previous space,” says Christopher Wood, SVP with UGL Equis, who along with SVP Bruce T. Hopple of the firm represented ABMS in the deal. “The building has a nice image for ABMS with views of the Chicago River and the LaSalle Street/Wacker Drive area is good for them to be in. We could readily use the improvements in the space, as well as the conference and meeting facilities, so we found the perfect space with great existing conditions that support the needs of ABMS in a very economic way.”

Wood declined to disclose ABMS’ lease term or the economics of the deal. Sub-landlord GE Capital was represented in the deal by Greg Quadrini and Jeff Samaras of Cushman Wakefield, while building owner Tishman Speyer was represented in-house by Joe Gordon. Wood says GE Capital has additional space in the building it is also looking to sublet.

The building was constructed in 1927 as a Graham Anderson Probst & White design and updated with infrastructure and amenities in 1986 by Skidmore Owings & Merrill. It offers an indoor heated valet parking garage and access to public transportation. The 26-story property is around 87% occupied right now, but has historically maintained higher occupancy closer to 95%.

The average occupancy rate in the Central Loop submarket is around 87%, with asking lease rates ranging from $31 to $38 per square foot, according to Grubb & Ellis’ Q1 office market report. “It’s like any other submarket, where significant sublease space has been brought to market, which is driving prices down,” Wood tells GlobeSt.com. “Rents are falling, and like in the rest of downtown Chicago, there’s been a dramatic shift to a tenant-friendly market.”

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