CBRE To Lease Up 300 W. Adams

CHICAGO-Sterling Bay Cos. has brought in CB Richard Ellis to lease up its 253,000-square-foot 300 W. Adams. The 12-story Gothic style office building was acquired by Sterling Bay about two years ago for $23 million from Samuel Zell and EGI Properties, when the property was about 50% occupied.

Christopher Cassata, VP with CBRE, will act as leasing agent on the assignment.

The building was built in 1928 and renovated just last year, with work including upgrades to the main lobby, elevator cabs and lobbies and building exterior. Located in the heart of Chicago’s Central Business District and near the financial district, the property was designed by architect Jens J. Jensen at the corner of Franklin and Adam streets. The building also includes about 21,000 square feet of retail space.

The building is located in the West Loop submarket, where overall occupancy is around 86%, according to CBRE’s mid-year CBD office market report. Average asking lease rates are around $35 per square foot gross, CBRE’s research says.