Full-Floor Office Lease for Iconic Chicago Tower
- Feb 23, 2017
Chicago—Equity Office, Blackstone’s office platform, recently announced its first major lease at the Willis Tower since the announcement of the $500 million transformation plan. The Chicago operations of the National Restaurant Association has signed a long-term, full-floor office lease totaling roughly 51,000 square feet of space. Telos Group represented Equity Office in the transaction, while the CBRE Non-Profit Practice Group represented the lessee.
The National Restaurant Association will fully occupy the 36th floor of the tower. The largest foodservice trade association in the world will be in close proximity to the Tower House, a two-story tenant lounge and cafe, and to the 30,000-square-foot Tone fitness center.
“The National Restaurant Association chose Willis Tower in order to attract the workforce of tomorrow and support the mission of their work. As an organization with deep roots in Chicago, Equity Office is honored to provide the National Restaurant Association with their next home as we continue to transform Willis Tower into the preeminent office environment,” said David Moore, senior vice president & portfolio director for Equity Office, in a prepared statement.
“The Willis Tower offers us a fresh environment for hosting industry events, accessing services that help our employees gain greater satisfaction out of their workdays and supporting a wide variety restaurants and entertainment planned just floors below us,” said Dawn Sweeney, president & CEO of the National Restaurant Association.
Currently, Willis Tower has an 85 percent occupancy rate. The tenant roster includes United Airlines, Dentons, Oracle and Korn Ferry.
Willis Tower is at the beginning of a $500 million transformation process, the first major renovation in the building’s 43-year history. The revamp plans include 150,000 square feet of space for exclusive tenant use, more than 300,000 square feet of new retail, dining and entertainment space to be added to the base of the building, as wells as a new 30,000-square-foot outdoor deck and garden space.
Images courtesy of Willis Tower website