525 W. Monroe St. Picture courtesy of Tishman Speyer
Insurance coverage large Chubb and legislation agency Katten Muchin Rosenman have prolonged the leases of their workplaces at 525 W. Monroe St., a 25-story, 900,000-square-foot Class A workplace tower in Chicago’s West Loop. Crain’s Chicago Enterprise was the primary to report the information.
Tishman Speyer owns and operates the constructing, which is present process a sequence of main redevelopments. As a part of the lease extensions, each tenants have gained extensions and additions to their areas.
CBRE acted on behalf of each tenants of their agreements, and the proprietor was represented in-house.
The evolution of 525 West Monroe
Constructed 4 a long time in the past, 525 West Monroe underwent a full beauty renovation in 2004, in keeping with CommercialEdge info. In 2016, the constructing earned a LEED-Gold certification award, which was adopted up by one other one in 2021. Previous to its renovations, the constructing included 41,000 sq. ft of retail house, the identical supply reveals.
At current, the Chicago workplace tower is 83 p.c leased to a wide range of Chicago-based and international-level tenants together with LinkedIn, Related Financial institution, Hochfelder & Weber and Exponent, with quite a few basing their headquarters there, the identical information supplier reveals. Each Katten and Chubb have had workplaces within the constructing for greater than twenty years, with the previous being one of many constructing’s first tenants. Katten’s 204,000-square-foot headquarters renewal contains the development of two personal outside terraces. Chubb’s extension will see a 92,032-square foot enlargement of its workplace, and the corporate plans to consolidate all its Downtown Chicago operations inside it.
Rendering of the renovated foyer at 525 West Monroe. Picture courtesy of Tishman Speyer
Tishman Speyer’s renovations are being designed by Michaelis Boyd Associates and MdeAS Architects. At full build-out, the renovations will embrace a brand new foyer and outside plaza with inexperienced house and seating areas, along with a brand new café and a clubhouse on the twenty third ground.
The CBRE staff appearing on behalf of Katten was led by Vice Chairmen Todd Lippman and Kyle Kamin, in addition to Govt Vice President James Whalen. Lippman, alongside Senior Vice President Jon Milonas and Vice President Maura Flanagan additionally represented Chubb. Tishman Speyer Managing Director Ellen Might, in addition to Senior Affiliate Olivia Parker negotiated on a part of the proprietor.
Incentivized redevelopments
Because the workplace sector struggles with financial headwinds and tenants shrinking their occupancy footprints, builders and operators within the nation’s largest markets have taken to redevelopments of their house, prioritizing open inexperienced house and trendy, centralized amenity choices. Latest high-profile examples of this development embrace the renovations of Anderson Towers, a 905,942-square-foot workplace tower in Los Angeles and EQ Workplace’s redevelopment of 800 Fifth, a Class A tower in Seattle’s central enterprise district.
