One North Wacker is a 1.4 million-square-foot skyscraper. Picture courtesy of Colliers
Irvine Co. has signed a 29,839-square-foot lease at One North Wacker, a 1.4 million-square-foot Class A workplace tower in Chicago’s West Loop submarket. Colliers represented the tenant, legislation agency Gordon Rees Scully Masukhani, that at the moment occupies a 24,182-square-foot house on the One North Franklin. The owner was represented in-house.
With the corporate rising from 10 to greater than 100 staff up to now decade, the relocation was vital, mentioned Co-Managing Companions of the legislation agency’s Chicago workplace Stephanie Jones and Brian Roth, in ready remarks. The corporate will transfer to its new location in August 2024. Different tenants on the property embrace Magnolia Capital, Barnes & Thornburg, Northwestern Mutual, UBS Monetary Companies, Inc. and Adams Avenue Companions, based on CommercialEdge.
One North Wacker is a 51-story Class A workplace constructing that options 37,005-square-foot column-free ground plates, 24 passenger elevators, an on-site café, 12,300 sq. toes of retail house, a convention room, a health heart and 220 car parking spots, based on the identical supply.
The present possession picked up the property in two completely different transactions, with the final one being from 2015, when it bought the remaining 51 p.c possession stake within the property from vendor Hines, CommercialEdge exhibits.
The owner was represented by Senior Director Maggie Brophy, whereas Colliers’ Government Vice President Dougal Jeppe labored on behalf of the tenant.
Future enhancements
Irvine Co. plans to launch a capital enchancment program on the constructing’s amenity ground, that can lead to an expanded lounge, outfitted with personal work areas, an upgraded health heart, a brand new craft espresso bar, in addition to new conferences and occasions areas, amongst others. The renovations will start in December, with completion scheduled for the summer season of 2024.
Accomplished in 2002, the property is near a number of subway and bus stations, in addition to to the Ogilvie Transportation Middle, 2 miles from Previous City, 10 miles from Chicago Halfway Worldwide Airport and inside 33 miles of Naperville, Ailing.
Different notable latest leases in Chicago embrace monetary providers agency Raymond James signing of a 74,000-square-foot dedication at Ivanhoé Cambridge’s 120 S. Riverside Plaza. The 705,000-square-foot property is a part of an workplace campus totaling 1.4 million sq. toes.
In Might, Riverside Funding & Growth inked a 83,848-square-foot deal at 320 South Canal, a 1.5 million-square-foot workplace constructing in Chicago’s CBD. Molson Coors Beverage Co. will relocate its Americas headquarters in the summertime of 2024.
