525 W. Van Buren. Picture courtesy of Stream Realty Companions
AEW Capital Administration has appointed Stream Realty Companions as unique leasing agent and property supervisor for 525 W. Van Buren St., a 521,604-square-foot Class A workplace constructing in Chicago’s West Loop. The present possession picked up the workplace asset in 2015, when it paid Northwood Traders $135 million, CommercialEdge knowledge exhibits.
Stream Realty Companions’ Govt Vice Presidents Andrea Saewitz and Matt Lerner would be the leasing brokers in cost, whereas the corporate’s Chief of Industrial Property Administration & Accomplice Victoria Knudson, along with Vice President of Workplace Property Administration Tim Gilbertsen, will function property managers.
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Tenants current on the property embody the Chicago Immigration Court docket; Upwork; New Horizons Pc Studying Middle; HR consultancy Insperity; Threat Placement Companies; and Chicago’s Bureau of Alcohol, Tobacco, Firearms and Explosives, amongst others, in accordance with CommercialEdge.
Located in Chicago’s central enterprise district, near interstates 90 and 290 and to a number of prepare and subway stations, reminiscent of Union and LaSalle Road, the workplace property is 10 miles from Chicago Halfway Worldwide Airport and 17 miles from O’Hare worldwide.
Accomplished in 2000, the 16-story workplace constructing contains 12 passenger elevators, 33,865-square-foot floorplates, 1,100 sq. toes of retail, an on-site convention middle, a tenant lounge, bike storage amenities and 1,740 parking spots, in accordance with the identical knowledge supplier. Moreover, the property features a glass foyer with 25-foot ceilings, a column-free ground infrastructure, in addition to a brand new health middle.
The tower presents a pretty amenity bundle, on par with at this time’s flight-to-quality tendencies, good connectivity all through town and a sought-after downtown location, famous Stream Realty Companions’ Lerner in ready remarks.
Chicago workplace emptiness charge drops, near different giant cities
In response to a current CommercialEdge report, Chicago’s workplace emptiness charge of 18.8 % remains to be comparatively excessive, above the 16.7 % nationwide determine, regardless of dropping 180 foundation factors year-over-year as of April. The speed additionally remained according to different main workplace markets, together with San Francisco (19.4 %), Brooklyn (19.4 %) and Seattle (19.0 %).
Earlier this month, Stream Realty Companions expanded its workplace leasing portfolio with greater than 800,000 sq. toes throughout three Chicago buildings, positioned within the West Loop and Fulton submarkets. The corporate was tapped as leasing agent for Macquarie’s 550 W. Adams, the RMR Group’s 400 S. Jefferson and Aberdeen Growth’s 315 N. Racine.
