Stream Realty Tapped to Lease 522 KSF Chicago Office Building

525 W. Van Buren. Image courtesy of Stream Realty Partners

AEW Capital Management has appointed Stream Realty Partners as exclusive leasing agent and property manager for 525 W. Van Buren St., a 521,604-square-foot Class A office building in Chicago’s West Loop. The current ownership picked up the office asset in 2015, when it paid Northwood Investors $135 million, CommercialEdge data shows.

Stream Realty Partners’ Executive Vice Presidents Andrea Saewitz and Matt Lerner will be the leasing brokers in charge, while the company’s Leader of Industrial Property Management & Partner Victoria Knudson, together with Vice President of Office Property Management Tim Gilbertsen, will serve as property managers.

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Tenants present at the property include the Chicago Immigration Court; Upwork; New Horizons Computer Learning Center; HR consultancy Insperity; Risk Placement Services; and Chicago’s Bureau of Alcohol, Tobacco, Firearms and Explosives, among others, according to CommercialEdge.

Situated in Chicago’s central business district, close to interstates 90 and 290 and to multiple train and subway stations, such as Union and LaSalle Street, the office property is 10 miles from Chicago Midway International Airport and 17 miles from O’Hare international.

Completed in 2000, the 16-story office building includes 12 passenger elevators, 33,865-square-foot floorplates, 1,100 square feet of retail, an on-site conference center, a tenant lounge, bike storage facilities and 1,740 parking spots, according to the same data provider. Additionally, the property includes a glass lobby with 25-foot ceilings, a column-free floor infrastructure, as well as a new fitness center.

The tower offers an attractive amenity package, on par with today’s flight-to-quality trends, good connectivity throughout the city and a sought-after downtown location, noted Stream Realty Partners’ Lerner in prepared remarks.

Chicago office vacancy rate drops, close to other large cities

According to a recent CommercialEdge report, Chicago’s office vacancy rate of 18.8 percent is still relatively high, above the 16.7 percent national figure, despite dropping 180 basis points year-over-year as of April. The rate also remained in line with other major office markets, including San Francisco (19.4 percent), Brooklyn (19.4 percent) and Seattle (19.0 percent).

Earlier this month, Stream Realty Partners expanded its office leasing portfolio with more than 800,000 square feet across three Chicago buildings, located in the West Loop and Fulton submarkets. The company was tapped as leasing agent for Macquarie’s 550 W. Adams, the RMR Group’s 400 S. Jefferson and Aberdeen Development’s 315 N. Racine.