MB Real Estate Completes 260 KSF in Leases at Michigan Plaza
- Sep 20, 2012
MB Real Estate has closed 26 lease transactions totaling 260,000 square feet so far this year at Michigan Plaza, a two- building complex in Chicago, Ill.
The complex consists of a 44-story building at 205 N. Michigan Ave., and an adjacent 25-story building at 225 N. Michigan Ave. Combined, the complex totals 1,963,236 square feet.
“Within the East Loop submarket, Michigan Plaza is one of the most well capitalized properties,” Mark Buth, MB Real Estate’s executive vice president and managing director of leasing services, told Commercial Property Executive. “It also benefits from a Michigan Avenue presence, a wealth of amenities and a wide variety of space options (from 2,000 to 45,000 square feet; and full floors of 22,000 and 39,000 square feet).”
Buth and MB Real Estate’s vice president Kathleen Bertrand represented the building in 90,000 square feet of new leases and 170,000 square feet of lease renewals.
The top transaction was a 78,000 square-foot lease renewal for the headquarters of Cramer-Krasselt at 225 N. Michigan. The communications agency has called Michigan Plaza home since 1985 and the new lease will keep them in tow until at least 2025.
“Cramer Krasselt intends to reconstruct its premises in a more open and collaborative layout,” Buth said. “The ability to provide ‘swing space’ for C-K’s use during the construction period was critical.”
Gannett Company, Inc. completed a lease renewal, which included an expansion that took the firm’s occupancy to 49,000 square feet. The new lease will enable Gannett to expand its space from 225 N. Michigan into 205 N. Michigan for contiguous space on the 16th floor.
“Gannett is not only a high-profile tenant, but also a credit tenant. It’s always good to expand credit tenancy,” Buth said. “For Gannett the key was the availability of contiguous space for growth that was part of the renewal transaction.”
In another lease renewal, Prescott Medical Communications Group signed for 22,200 square feet, a full floor within 205 N. Michigan. Meanwhile, InTouch Solutions took 22,000 square feet in a new full-floor lease in the same building.
Amenities at Michigan Plaza include 24-hour manned security with card key access to elevators; on-site leasing and management; on-site concierge service; in building parking; pedway access to more than 25 restaurants; private coach bus service to the commuter train stations; a 30,000 square-foot conferencing facility; and a child-care facility.
“At approximately 86 percent leased, we still have over 270,000 square feet available,” Buth added. “Activity is good in Chicago’s CBD and the East Loop submarket. With the momentum at Michigan Plaza, I expect to continue to capture more than our fair share of leases.”
Lease prices were not disclosed. MB Real Estate has completed 175 lease transactions and more than 1.7 million square feet in leases at Michigan Plaza since 2005.