{"id":1004667715,"date":"2023-06-16T03:07:09","date_gmt":"2023-06-16T11:07:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004667715"},"modified":"2023-06-16T04:54:14","modified_gmt":"2023-06-16T12:54:14","slug":"stream-realty-tapped-to-lease-522-ksf-chicago-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/","title":{"rendered":"Stream Realty Tapped to Lease 522 KSF Chicago Office Building"},"content":{"rendered":"
\"525<\/a>

525 W. Van Buren. Image courtesy of Stream Realty Partners<\/em><\/p><\/div>\n

AEW Capital Management<\/strong> has appointed Stream Realty Partners<\/strong> as exclusive leasing agent and property manager for 525 W. Van Buren St., a 521,604-square-foot Class A office building in Chicago\u2019s West Loop. The current ownership picked up the office asset in 2015, when it paid Northwood Investors $135 million, CommercialEdge data shows.<\/p>\n

Stream Realty Partners\u2019 Executive Vice Presidents Andrea Saewitz and Matt Lerner will be the leasing brokers in charge, while the company\u2019s Leader of Industrial Property Management & Partner Victoria Knudson, together with Vice President of Office Property Management Tim Gilbertsen, will serve as property managers.<\/p>\n

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READ ALSO<\/strong>: As Hybrid Work Expands, Coworking is No Longer the Exception<\/a><\/p>\n

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Tenants present at the property include the Chicago Immigration Court; Upwork; New Horizons Computer Learning Center; HR consultancy Insperity; Risk Placement Services; and Chicago\u2019s Bureau of Alcohol, Tobacco, Firearms and Explosives, among others, according to CommercialEdge.<\/p>\n

Situated in Chicago\u2019s central business district, close to interstates 90 and 290 and to multiple train and subway stations, such as Union and LaSalle Street, the office property is 10 miles from Chicago Midway International Airport and 17 miles from O\u2019Hare international.<\/p>\n

Completed in 2000, the 16-story office building includes 12 passenger elevators, 33,865-square-foot floorplates, 1,100 square feet of retail, an on-site conference center, a tenant lounge, bike storage facilities and 1,740 parking spots, according to the same data provider. Additionally, the property includes a glass lobby with 25-foot ceilings, a column-free floor infrastructure, as well as a new fitness center.<\/p>\n

The tower offers an attractive amenity package, on par with today\u2019s flight-to-quality trends<\/a>, good connectivity throughout the city and a sought-after downtown location, noted Stream Realty Partners\u2019 Lerner in prepared remarks.<\/p>\n

Chicago office vacancy rate drops, close to other large cities<\/h2>\n

According to a recent CommercialEdge report<\/a>, Chicago’s office vacancy rate of 18.8 percent is still relatively high, above the 16.7 percent national figure, despite dropping 180 basis points year-over-year as of April. The rate also remained in line with other major office markets, including San Francisco (19.4 percent), Brooklyn (19.4 percent) and Seattle (19.0 percent).<\/p>\n

Earlier this month, Stream Realty Partners expanded its office leasing portfolio<\/a> with more than 800,000 square feet across three Chicago buildings, located in the West Loop and Fulton submarkets. The company was tapped as leasing agent for Macquarie’s 550 W. Adams, the RMR Group’s 400 S. Jefferson and Aberdeen Development’s 315 N. Racine.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will also manage the West Loop tower.<\/p>\n","protected":false},"author":2991,"featured_media":1004667717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,13,21742,21747,21785],"tags":[33758,33358],"class_list":["post-1004667715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-midwest","category-latest","category-office","category-property-management","tag-aew-capital-management","tag-stream-realty-partners"],"acf":[],"yoast_head":"\nStream Realty Tapped to Lease 522 KSF Chicago Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stream Realty Partners will provide leasing and property management for a 521,604-square-foot office building in Chicago's West Loop area.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stream Realty Tapped to Lease 522 KSF Chicago Office Building\" \/>\n<meta property=\"og:description\" content=\"Stream Realty Partners will provide leasing and property management for a 521,604-square-foot office building in Chicago's West Loop area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-16T11:07:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-16T12:54:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/525-W-VB-BuildingPhoto-15-e1686731542462.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/\",\"name\":\"Stream Realty Tapped to Lease 522 KSF Chicago Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/525-W-VB-BuildingPhoto-15-e1686731542462.jpg\",\"datePublished\":\"2023-06-16T11:07:09+00:00\",\"dateModified\":\"2023-06-16T12:54:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"Stream Realty Partners will provide leasing and property management for a 521,604-square-foot office building in Chicago's West Loop area.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stream-realty-tapped-to-lease-522-ksf-chicago-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/525-W-VB-BuildingPhoto-15-e1686731542462.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/525-W-VB-BuildingPhoto-15-e1686731542462.jpg\",\"width\":1200,\"height\":900,\"caption\":\"525 W. 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