Chicago Trading Co. Expands in Windy City
- Jul 25, 2018
CBRE has represented Chicago Trading Co. in a lease renewal and expansion at 425 Financial Place in Chicago’s CBD. The tenant added 26,768 square feet to its office, which now spans 114,186 square feet—the entire fourth, fifth and sixth floors of the building. JLL worked on behalf of the landlord, CIM Group, also the owner of the $189 million LoDo Towers in Denver.
The transaction represents the seventh lease closed this year at the 40-story tower, formerly known as 440 S. LaSalle. The property, which CIM Group bought from TIER REIT in 2016 for $191 million—according to Yardi Matrix—was completed in 1985. It encompasses more than 1 million square feet, divided between the office component, an 83,000-square-foot annex overlooking Congress Park, a landscaped 45,000-square-foot plaza with seating and a 5,000-square-foot retail building. It is LEED certified to the Gold level.
“With CTC in place as the marquee tenant and the improvements that ownership plans for the building, this move will undoubtely help reposition the asset as one of Chicago’s top properties,” said Mark Keebler, senior vice president with CBRE, in prepared remarks.
The office tower is located at the south end of Chicago’s business and financial district, between South Financial Place and South LaSalle Street. The last cosmetic upgrades were finalized in 2014, but the owner has recently announced that it is planning to modernize the building and improve common areas, including the 25,000-square-foot tenant amenity space added in 2015 on the building’s third floor. Renovations are slated for completion this summer.
The property features a contemporary design, a cafeteria, conference centers and a terrace lounge with a variety of seating options. The third floor also includes a private social and athletic club, a members-only restaurant and cocktail lounge. The last floor hosts the 21-key Buckingham Hotel and the Michelin-rated French restaurant Everest.
Keebler closed the deal together with Executive Vice President Brad Serot. JLL’s broker was Managing Director Mike Curran.
Image courtesy of Yardi Matrix