Tishman Speyer Secures Tenant at Chicago Office Complex
A law firm will relocate to the 2.4 million-square-foot Class A property.
Law firm Hanley Flight & Zimmerman has signed a 13,943-square-foot lease at CME Center, a three-building Class A office property in Chicago. Transwestern Real Estate Services negotiated on behalf of the new tenant, while the landlord handled the deal in-house.
Tishman Speyer purchased the nearly 2.4 million-square-foot Class A property in 2007 as part of a portfolio acquisition totaling $1.67 billion, CommercialEdge data shows. Other tenants at the complex include CME Group, Wells Fargo, Apex Systems, Shorehill Capital, Chicago Institute of Investment and others, the same data provider shows.
READ ALSO: Flight to Quality Phenomenon Continues to Play Out
Located at 10 & 30 S. Wacker Drive, CME Center is LEED Gold certified and comprises two 40-story office towers and a 10-story structure. The complex includes 14,000 square feet of retail space, 46 passenger elevators and 600 parking spots. The amenity package features a clubhouse, a conference room that can accommodate up to 175 people, a common-area lounge, a fitness center, bike storage services and outdoor space, among others.
Situated on a nearly 2-acre lot within Chicago’s Loop, close to interstates 90 and 290, as well as multiple subway and bus stations, the office campus is 2 miles from Magnificent Mile and 10 miles from Chicago Midway International Airport.
Transwestern’s Executive Vice President Kyle Robbins, Executive Managing Director Andrew Davidson and Associate Broker Nathan Miller represented the tenant, while Tishman Speyer Managing Director Adam Mitchell and Senior Associate Olivia Parker negotiated on behalf of the landlord.
A closer look at Chicago
The lease signing is in line with the ongoing flight-to-quality trend that prevails within the office sector. Earlier in February, Tishman Speyer inked two lease extensions at one of its other properties in Chicago’s West Loop. Law Firm Katten Muchin Rosenman and insurance company Chubb committed to 525 W. Monroe St., a 900,000-square-foot office tower that is currently undergoing a series of major improvements.
According to a recent CommercialEdge market update, Chicago started off 2022 with one of the highest office vacancy rates among all gateway markets, reaching 19.4 percent in January, followed by San Francisco (18.8 percent) and Manhattan (15.4 percent). During last year, office leasing activity continued at a slow pace in the metro.
