JLL Signs 15-Year Extension Lease at The Aon Center in Chicago
- Oct 02, 2014
By Ioana Neamt, Associate Editor
Piedmont Office Realty Trust, Inc. recently announced that Jones Lang LaSalle (JLL), one of the world’s most trustworthy companies, has signed a 199,730-square-foot, 15-year extension lease through 2032 at Chicago’s iconic Aon Center. According to a press release, the extended lease contains pre-term expansion and contraction rights that would allow the company to increase or decrease its leased square footage by one floor.
The 1,136-foot, 83-story tower located at 200 E. Randolph St. has served as JLL’s global headquarters since 1996. Designed by Edward Durell Stone and Perkins+Will, the iconic marble-clad tower was completed in 1974 as the Standard Oil Building and is currently Chicago’s third tallest building, after the Willis Tower and the Trump International Hotel and Tower.
“Of all the options that we considered, Aon Center is best suited to implement the newest, best-in-class workplace designs,” says JLL American CEO Greg O’Brien.
The Aon Center, currently managed by JLL, is home to a plethora of high-ranking tenants, including Microsoft, United HealthCare, Aon, KPMG, and Federal Home Loan Bank. The LEED Silver-certified tower is a past winner of the international TOBY Award and has current BOMA 360 and Energy Star designations.
The former Amoco Building features a tubular steel-framed structural system, with columns specially designed to resist earthquakes, reduce sway and minimize column bending. The same construction model was used on the former World Trade Center Towers in New York City. The Aon Center was acquired by Piedmont Office Realty Trust in 2003 for close to $480 million.
Steve Smith and Mark Georgas of JLL, together with Piedmont’s Damian Miller, CFA, Senior Vice President, Asset Management and Carroll A. Reddic, IV, Executive Vice President, Real Estate Operations, represented the landlord in the lease transaction. Jeff Liljeberg, Rob Schmidt and Mike Sessa of JLL represented the tenant.
“Completing a lease transaction of this size is a major win for both parties, and a testament to the long-standing relationship with JLL,” says Donald Miller, CFA, President and Chief Executive Officer for Piedmont Office Realty Trust. “We are pleased that JLL has decided to make an ongoing commitment to 200 East Randolph and the East Loop – we look forward to continuing this positive and collaborative working relationship in the years ahead.”