Savills Facilitates Lease Renewal for Chicago Architecture Firm
- Jul 05, 2019
Skidmore, Owings & Merrill has inked a 55,988-square-foot, long-term lease restructuring and renewal at the 378,600-square-foot Railway Exchange Building in Chicago with the University of Notre Dame. Vice Chairmen Robert Sevim, Eric Feinberg and Joe Learner from Savills worked on behalf of the tenant, while Senior Vice Presidents Gary Kostecki and Mark Georgas of JLL represented the landlord.
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Located at 224 S. Michigan Ave., the 17-floor building faces Grand Park and Lake Michigan, is within walking distance of public transit and close to several retail and dining options. Completed in 1904, the property is listed on the National Register of Historic Places and is renowned for its terra cotta façade and rows of bay windows. The owner recently opened a fitness center in the building, in addition to announcing new tenants and improvements to the bathrooms, hallways, lighting and security.
Skidmore, Owings & Merrill has been a tenant in the LEED Gold certified building for roughly 28 years and will occupy the fifth, ninth and 10th floors. The new contract allows the architecture firm to modify the layout, while the tenant will use the current footprint and additional space to accommodate its 400 employees during construction.
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