Transwestern Commercial Services has brokered three new long-term leases totaling 82,013 square feet at 200 W. Madison. The space occupied by the new tenants along with five lease extensions have brought the asset’s occupancy rate to 90 percent.
FBRK Impact House, former NFL player Israel Idonije’s project for an innovation-focused philanthropy center scheduled to open in 2020, will occupy 45,000 square feet. The other two new tenants are a national full-service law firm and a multinational Fortune 500 company.
Located at 200 W. Madison St. in Chicago’s West Loop, one block away from the Washington/Wells subway station, the transit-oriented building is less than a mile from downtown Chicago and roughly 17 miles from O’Hare International Airport. The property, owned by BentallGreenOak’s U.S. Core Fund, also offers easy access to interstates 90 and 290.
Built in 1983, the 928,040-square-foot, 45-story property has undergone multiple improvements over the past 15 years, including a complete renovation in 2006. Additionally, in 2015, the tower was awarded a LEED Gold certification and has committed to the Retrofit Chicago Energy Challenge.
Transwestern’s Executive Vice President Eric Myers and Senior Vice Presidents Jeff Dowdell and Katie Steele negotiated the new leases. The company also handles the property management for the building.
Despite 1.3 million square feet of new construction in the past two years, the West Loop Class A office market has maintained an occupancy of 88.4 percent in the third quarter, according to Transwestern.