CIM Group signs Chicago Trading to expanded lease

The deal gives the trading firm 114K sf in CIM Group’s 425 South Financial Place

TRD CHICAGO /
Jul.July 23, 2018 09:00 AM

CIM Group’s Shaul Kuba and 425 South Financial Place (Credit: CIM Group and JLL)

CIM Group inked Chicago Trading to a lease extension that will see the firm add 27,000 square feet to its space at 425 South Financial Place.

The deal will give the proprietary trading firm a total of 114,000 square feet at CIM’s 39-story office tower, also known by the address 440 South LaSalle Street, according to Crain’s.

Los Angeles-based CIM bought the 1 million-square-foot building in 2016 for $189 million, financing it with a $131 million loan, according to Cook County records. The firm is renovating it and rebranding it with the new Financial Place address, though it declined to say how much it is spending on the overhaul.

The building was 72 percent leased when CIM Group bought it, according to brokerage CBRE, which represented Chicago Trading in the lease renewal. The overall office occupancy rate Downtown is 87 percent.

Chicago Trading signed a 12-year lease in the building in 2010, taking over the two-level trading floor that previously housed the Chicago Stock Exchange, according to Crain’s.

Mark Keebler and Brad Serot of CBRE represented Chicago Trading in the lease. Mike Curran of Jones Lang LaSalle represented CIM Group.

CIM is partnering with Golub & Company on a massive overhaul of the former Tribune Tower that includes plans to build the city’s second tallest building. [Crain’s] — John O’Brien

 

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