October 29, 2008

Lease Transactions

• MillerCoors LLC, the joint venture of SABMiller PLC and Molson Coors Brewing Co., signed a long-term lease for approximately 129,000 Sq. Ft. at 250 South Wacker Drive where the beermaker will relocate its headquarters operations in June 2009 from Milwaukee and Colorado.  The new offices will house between 300 and 400 employees.
   
• Upshot, Inc. signed a lease for 41,486 Sq. Ft. at 350 West Mart Center, relocating and expanding from 303 East Wacker Drive.
   
• Potbelly Sandwich Works signed a renewal/expansion for 31,422 Sq. Ft. at the Merchandise Mart.
   
• MSDS Online signed a lease for 21,988 Sq. Ft. at 350 West Mart Center, relocating and expanding from 161 North Clark Street.
   
• Wind Point Partners, a private equity firm backed by the family that owns S. C. Johnson & Sons Co., signed a lease for 21,500 Sq. Ft. at 444 West Lake Street, relocating and expanding from 676 North Michigan Avenue.  The transaction brings Hines Interests L.P.’s 1.1-million-square-foot tower to approximately 60% leased with completion scheduled by August 2011.
   
• ASG Software Solutions (Allen Systems Group, Inc.) signed a renewal/expansion for 11,546 Sq. Ft. at 3030 Warrenville Road in Lisle.  Separately, ExteNet Systems, Inc. signed a renewal/expansion for 12,597 Sq. Ft., an expansion of 6,214 Sq. Ft., at the same building.
   
• FastCAM Inc. is said to have signed a renewal for 9,000 Sq. Ft. at 8700 West Bryn Mawr Avenue in Chicago, relocating within the building.
   
• Gilfillan Callahan Nelson Architects is said to have signed a lease for 7,480 Sq. Ft. at 223 West Jackson Boulevard, relocating from 1600 Golf Road in Rolling Meadows.
   
• The Illinois Chamber of Commerce signed a lease for 6,100 Sq. Ft. at 300 South Wacker Drive, relocating from 311 South Wacker Drive.
   
• Paine & Partners, LLC signed a lease for 6,097 Sq. Ft. at 71 South Wacker Drive.
   
• The National Dairy Council (NDC) reportedly signed an expansion for 5,896 Sq. Ft. at 10255 West Higgins Road in Rosemont, bringing its total occupancy to 19,638 Sq. Ft.
   
• Myefski Cook Architects, Inc. is said to have signed a lease for 5,824 Sq. Ft. at 1603 Orrington Avenue in Evanston, relocating from 708-718 Vernon Avenue in Glencoe.
   

Building News

• Bethesda, MD-based LaSalle Hotel Properties announced that the planned hotel conversion of the lower floors of the former IBM Plaza at 330 North Wabash Avenue is being pushed back one year, to 2011.  With the lodging industry facing a “challenging operating environment through at least 2009”, the original “fast track” plans have been revised and major construction isn’t scheduled to start until spring 2010.
   
• London-based Barclays Bank PLC has assumed the former Lehman Brothers Holdings Inc.’s approximate 110,000-square-foot lease at 190 South LaSalle Street as part of its acquisition of the North American investment banking and capital markets businesses of Lehman.  It is unknown at this time whether Barclays will ultimately sublease the space.
  

Development News

• L&H Real Estate Group LLC and Brownstone Realty and Development Co. have filed a zoning application to build a 37-story student high-rise at 401 South Wabash Avenue that would house approximately 1,200 students.  Construction could start on what is currently a parking lot by January 2011, subject to securing financing.