The Real Deal Chicago

Chicago’s top 10 office leases in Q1

Three on the list were in buildings owned by Blackstone
By Scott Klocksin | April 20, 2018 08:00AM

From left: 131 South Dearborn Street, 540 West Madison Street and 233 South Wacker Drive (Credit: Hines and Wikimedia Commons)

Three different financial institutions signed the largest office leases in Chicago for the first quarter of the year, combining for more than 1 million square feet of space.

In total the top 10 largest leases on the list from January through March, totaled more than 1.5 million square feet.

Blackstone Group was the landlord benefitting from three of the leases. Those were inked at a pair of different Downtown buildings that the giant private equity firm owns.

Here is the full list:

1. Citadel, 131 South Dearborn Street, central Loop — 418,000 square feet

The 1.5 million-square-foot building’s anchor tenant signed a long-term renewal at the property, which it has rented since 2003. Telos Group represented the landlord and JLL was on the tenant side of the table.

2. Bank of America, 540 West Madison Street, West Loop — 405,000 square feet

Part of a larger shuffling and shrinking of its overall Downtown footprint, Bank of America grew its existing footprint at the 1.1 millions-square-foot building by about 45,000 square feet with the deal.

Telos Group negotiated for the landlord and JLL represented the tenant.

3. Morgan Stanley, 233 South Wacker Drive, West Loop — 225,000 square feet

The giant investment bank inked the deal in January, and will relocate its local private wealth management office from 70 West Madison, as Crain’s reported. The bank followed up the lease with an additional 50,000 square feet in the building later in the quarter. Telos Group represented the landlord on the deal JLL worked out terms for the tenant.

4. BP Products North America, 30 South Wacker Drive, West Loop — 125,000 square feet

BP has rented space at the 2.3 million-square-foot building since it relocated from Naperville in 2010. Landlord Tishman Speyer’s in-house leasing team represented the ownership, while JLL handled negotiations for the tenant.

5. TTX, 101 North Wacker Drive, West Loop — 100,000 square feet

The 25-story, 600,000-square-foot building was most recently renovated in 2008. Lasalle Investment Management represented the landlord in-house and CBRE represented the landlord.

6. Tempus Labs, 600 West Chicago Avenue, River North — 83,622 square feet

Equity Office recently sold the 1.7 million-square-foot building to Sterling Bay for $510 million. Telos Group represented the landlord and CBRE was on the tenant side.

7. Spaces, 620 North LaSalle Street, River North — 78,265 square feet

Next Realty owns the 80,000-square-foot building, which was recently vacant. CBRE represented Next and JLL represented Next on the deal.

8. Gartner, 350 North Orleans Street, River North — 73,816 square feet

Blackstone paid $390 million for the 1.3 million-square-foot building in 2015. CBRE represented Blackstone and JLL represented Gartner on the lease.

9. Kemper Corporation, 200 East Randolph Street, East Loop — 64,956 square feet

The tenant will leave its namesake tower at 1 East Wacker for its new home in the Aon Center, which 601W Companies bought from Piedmont Office Realty Trust for $712 million in 2015. Telos Group represented 601W, while Cushman & Wakefield negotiated on behalf of Kemper.

10. Scientific Games, 350 North Orleans Street, River North — 57,000 square feet

Earlier this year, General Growth Properties moved its headquarters to a 168,000-square-foot spread in the building. JLL represented the landlord and Colliers International represented Scientific Games.