CBRE Absorbs Irvine Company’s Chicago Office Leasing Team

It’s not uncommon for brokerages to lease space in buildings they represent. But it’s rarer to see them take over the leasing assignment — and the landlord’s team.

Greg Tait and Maggie Brophy will join CBRE as executive vice presidents, while Jamion Hartley comes on as first vice president, CoStar reported. The trio previously handled leasing for Irvine’s 4.45 million-square-foot Chicago office portfolio and will continue to do so under CBRE’s banner.

The leasing shakeup effectively marks Irvine’s exit from direct leasing in Chicago, outsourcing the responsibility entirely to CBRE while retaining the same team.

“Our in-house Chicago leasing team will be joining CBRE as part of this partnership, ensuring a seamless transition,” said Roger DeWames, Irvine’s office properties president.

It follows CBRE’s lease late last year of nearly 55,000 square feet at Irvine’s 300 North LaSalle, where it plans to relocate later this year from 321 North Clark Street. CBRE’s new office will span the 6th and 7th floors and include a river-facing outdoor terrace.

CBRE will also take over property management at 300 North LaSalle in September. Irvine plans to invest $30 million into upgrades, including amenity enhancements and an expansion of the Chicago Cut Steakhouse at the base. Irvine paid off its $431 million debt balance for the building last year.

The setup, while not necessarily uncommon among big brokerages inclined to handle leasing in buildings where they are tenants, reflects the increasingly fluid boundary between service provider and landlord in a market where trophy assets are still fighting for tenants. About 407,000 square feet remains available at the tower, which recently lost major tenants Kirkland & Ellis and Boston Consulting Group to new developments in Wolf Point and Fulton Market.

Newcomers at the tower along with CBRE include law firm Winston & Strawn and REIT Ventas.

CBRE Chicago Executive Managing Director Kevin Collins called the Irvine team addition “a tremendous opportunity” to deepen the firm’s reach in the city’s trophy office market.

Aside from 300 North LaSalle, Irvine’s Chicago holdings include the 51-story tower at 1 North Wacker Drive and the 48-story 71 South Wacker, with approximately 63,000 and 108,000 square feet available.

— Judah Duke