Mitchell & Titus Takes Space At 333 W. Wacker

CHICAGO-Mitchell & Titus has leased 10,000 square feet at 333 W. Wacker. The regional accounting firm has just relocated its Chicago office from 116 S. Michigan to its new location in the 868,000-square-foot building. Howard Ecker + Company CEO Howard Ecker, managing director Michele Browne, and VP Lou Vidaillet represented Mitchell & Titus in the transaction.

“We are thrilled that Howard Ecker + Co. was able to negotiate a favorable rate for our company, not only in the central business district but in one of the top office buildings in Chicago,” Andre Clark, controller at Mitchell & Titus, says. “The location and space is a premium placement for our company to expand our staff and our service offerings to our clients. Howard, Michele and Lou’s ability to effectively navigate the complex Chicago real estate market to find the best solution for our relocation strategy reinforced their role as trusted partners.”

Developed in 1983, the 36-story property was designed by Kohn Pedersen Fox Associates and is now managed and owned by Hines. It is bordered by Wacker Drive and Franklin and Lake streets, and located on a triangular site at the bend in the Chicago River. Amenities at the building include a fitness center, conference center and food service, as well as four levels of underground parking.

The 36-story office tower was acquired by Hines in April 2006 for around $223 million, sources say. This most recent lease is a step toward filling the 150,000 square feet that was just vacated in June by law firm Skadden, Arps, Slate, Meagher & Flom LLP, who moved to the John Buck Co.’s new tower delivered this summer at 155 N. Wacker. The building was 92% about occupied previous to Skadden’s departure, but is now closer to 80% leased. Asking lease rates there range from $20 to $22 per square foot net, Tom D’Arcy, SVP of leasing with Hines, told GlobeSt.com earlier this summer.

The property is located in the West Loop submarket, where average asking lease rates are around $35 per square foot gross, according to CB Richard Ellis’s mid-year CBD office market report. Overall occupancy in the West Loop is near 86%, CBRE’s research says.