{"id":1004698951,"date":"2024-01-23T02:57:47","date_gmt":"2024-01-23T10:57:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004698951"},"modified":"2024-01-23T06:29:10","modified_gmt":"2024-01-23T14:29:10","slug":"heitman-lands-100-ksf-lease-extension-at-chicago-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/heitman-lands-100-ksf-lease-extension-at-chicago-tower\/","title":{"rendered":"Heitman Signs 100 KSF Lease Extension at Chicago Tower"},"content":{"rendered":"\n<p><strong>Heitman <\/strong>has landed a 10-year lease extension at its office tower in Chicago\u2019s River North area. Financial services firm <strong>Mesirow <\/strong>will continue to occupy more than 100,000 square feet at 353 N. Clark St. through 2036. <strong>Cushman &amp; Wakefield<\/strong> represented the tenant.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a244fbd0d90f&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004698953\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/heitman-lands-100-ksf-lease-extension-at-chicago-tower\/353-n-clark-st-in-chicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"353-N-Clark-St-in-Chicago\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;353 N. Clark St. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg\" alt=\"\" class=\"wp-image-1004698953\" style=\"width:321px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/353-N-Clark-St-in-Chicago.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 1.2-million-square-foot office tower rises at 353 N. Clark St. in Chicago. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The transaction marks a downsizing from Mesirow\u2019s current footprint of 165,000 square feet, according to <em>Crain\u2019s Chicago Business.<\/em> The firm co-developed the tower and has been anchoring it since its completion in 2009. Heitman purchased the Class A asset for $715 million in 2014. <\/p>\n\n\n\n<p>The high-rise totals 1.2 million square feet across 46 stories. The LEED Platinum-certified building features 29,000-square-foot floorplates and a host of amenities including on-site dining options, a health club, a conference center and bike lockers. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/getting-in-the-heads-of-office-tenants\/\">Getting Into the Heads of Office Tenants<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The property&#8217;s largest tenant, law firm Jenner &amp; Block, also downsized its lease from 416,000 to 225,000 square feet following a legal dispute over unpaid rents. Alliant, The Mather Group, RWE, Insight Global, WHI Real Estate Partners, RCP Advisors, Blue Vista, Bickley, Delta Capital Partners and Ventas, among others, are also on the roster. <\/p>\n\n\n\n<p>Downtown Chicago is approximately 1 mile from the office tower. Multiple subway stations are within walking distance of the property, providing transportation access throughout the area.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield Vice Chairmen Ari Klein and Scott Shelbourne negotiated the leasing transaction on behalf of Mesirow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chicago-office-space-lags\">Chicago office space lags<\/h2>\n\n\n\n<p>Among the leading national office markets, Chicago\u2019s average asking rent of $27.73 per square foot was one of the lowest as of November, according to <a href=\"https:\/\/www.commercialsearch.com\/news\/office-sector-faces-surging-loan-defaults-amidst-market-challenges\/\" target=\"_blank\" rel=\"noreferrer noopener\">a recent CommercialEdge report<\/a>. The market&#8217;s vacancy rate clocked in at 18.3 percent, down 110 basis points over the year.<\/p>\n\n\n\n<p>In one of last year&#8217;s more prominent deals, Molson Coors Beverage Co. signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/riverside-inks-84-ksf-at-chicago-trophy-tower\/\">83,848-square-foot lease<\/a> at a 1.5 million-square-foot Class A office building in Chicago\u2019s CBD. BMO Harris Bank anchors the property.<\/p>\n\n\n\n<p>With prices on a downward trend and a significant development pipeline underway, the area is giving off some <a href=\"https:\/\/www.commercialsearch.com\/news\/strengths-and-weaknesses-of-chicagos-office-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">mixed signals<\/a>. Still, transaction and leasing activity continues to take place.<\/p>\n\n\n\n<p>Earlier this month, AmTrust Realty secured <a href=\"https:\/\/www.commercialsearch.com\/news\/amtrust-secures-2-renewals-at-chicago-office-building\/\" target=\"_blank\" rel=\"noreferrer noopener\">two lease renewals<\/a> at its office tower in Chicago\u2019s Central Loop. A law firm and a non-profit organization will continue to occupy space totaling 20,000 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tenant, a financial services firm, will also downsize its footprint at the property.<\/p>\n","protected":false},"author":3006,"featured_media":1004698953,"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],"tags":[34908,33276],"class_list":["post-1004698951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-midwest","category-latest","category-office","tag-cushman-wakefeld","tag-heitman"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Heitman Signs 100 KSF Lease Extension at Chicago Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Mesirow will remain a tenant at 353 N. 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