Irvine Co. has signed a 29,839-square-foot lease at One North Wacker, a 1.4 million-square-foot Class A office tower in Chicago’s West Loop submarket. Colliers represented the tenant, law firm Gordon Rees Scully Masukhani, that currently occupies a 24,182-square-foot space at the One North Franklin. The landlord was represented in-house.
With the company growing from 10 to more than 100 employees in the past decade, the relocation was necessary, said Co-Managing Partners of the law firm’s Chicago office Stephanie Jones and Brian Roth, in prepared remarks. The company will move to its new location in August 2024. Other tenants at the property include Magnolia Capital, Barnes & Thornburg, Northwestern Mutual, UBS Financial Services, Inc. and Adams Street Partners, according to CommercialEdge.
One North Wacker is a 51-story Class A office building that features 37,005-square-foot column-free floor plates, 24 passenger elevators, an on-site café, 12,300 square feet of retail space, a conference room, a fitness center and 220 vehicle parking spots, according to the same source.
The current ownership picked up the property in two different transactions, with the last one being from 2015, when it purchased the remaining 51 percent ownership stake in the property from seller Hines, CommercialEdge shows.
Irvine Co. plans to launch a capital improvement program at the building’s amenity floor, that will result in an expanded lounge, equipped with private work areas, an upgraded fitness center, a new craft coffee bar, as well as new meetings and events spaces, among others. The renovations will commence in December, with completion scheduled for the summer of 2024.
Completed in 2002, the property is close to multiple subway and bus stations, as well as to the Ogilvie Transportation Center, 2 miles from Old Town, 10 miles from Chicago Midway International Airport and within 33 miles of Naperville, Ill.
Other notable recent leases in Chicago include financial services firm Raymond James signing of a 74,000-square-foot commitment at Ivanhoé Cambridge’s 120 S. Riverside Plaza. The 705,000-square-foot property is part of an office campus totaling 1.4 million square feet.
In May, Riverside Investment & Development inked a 83,848-square-foot deal at 320 South Canal, a 1.5 million-square-foot office building in Chicago’s CBD. Molson Coors Beverage Co. will relocate its Americas headquarters in the summer of 2024.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreBrokerage, Chicago, Midwest, News, Office, Irvine Company Commercial Property ExecutiveThe law firm will move to the West Loop office tower in 2024.
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