Madison Capital Funding is moving its offices to another Loop building and doubling its space.
The Chicago lender to private-equity firms is leaving a 23,000-square-foot lease at the CME Center, 30 South Wacker Drive, for a 45,100-square-foot space at 227 West Monroe Street, according to Crain’s.
Both buildings are owned by New York-based Tishman Speyer.
Madison Capital is a unit of New York Life Insurance.
A second-quarter report from Colliers International found the Downtown office market is “stabilizing,” despite a surge in new inventory and increased tenant demand. Overall Downtown rents in the second quarter averaged $40.69 a square foot, led by the West Loop submarket at $44.45. The lowest average rent of any of the submarkets studied in the report was $33.43 a square foot in Fulton Market. [Crain’s] — John O’Brien