MB Real Estate Expands Leasing Portfolio in Downtown Chicago
- Jun 07, 2012
MB Real Estate has announced the expansion of its leasing portfolio to over 14.4 million square feet. The Chicago-based company, founded in 1982, has been awarded five new leasing assignments in downtown Chicago.
The new additions include 300 E. Randolph—a 57-story tower owned and anchored by Health Care Service Corporation. Built in 1997, the office building has 1.8 million rentable square feet and is 98 percent leased. MB Real Estate will take over the leasing activity of the tower, designed by Goeetsch Partners, from Grubb & Ellis Co.
Another particularly sizable addition is Three First National Plaza. The 1.4 million-square-foot tower, located at 70 W. Madison St., was designed by Skidmore, Owings & Merrill and has an occupancy rate of 89 percent.
The other three additions to the MB Real Estate leasing assignments are:
- 30 W. Monroe, a 256,000-square-foot building with a 52 percent occupancy. The 19-story tower was the first skyscraper built in Chicago’s Loop after the Great Depression;
- 333 N. Michigan Avenue, a 303,000-square-foot property with an 88 percent occupancy. Finalized in 1928, the 35-story art deco building was designed by Holabird & Root;
- 525 W. Van Buren, a 522,000-square-foot office tower that is currently 74 percent occupied.
MB Real Estate will also manage the office towers located at 30 W. Monroe and 333 N. Michigan Ave., bringing the total square footage of properties under management to over 18 million square feet.
In order to support the increased inventory, the firm has added Sara Spicklemire, a vice president, and Jesse Slack, an associate vice president, from Grubb & Ellis to the leasing services team.
Photo Courtesy of: www.300eastrandolph.com
For more market data on Chicago, please click here.