Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.
The lease expansion will increase the property’s occupancy from 79 percent to 84 percent. The GSA currently leases 113,458 square feet of space at the property on behalf of various federal agencies.
The new space leased by the GSA is expected to be occupied in mid-2010, bringing the total space leased by the GSA to approximately 141,538 square feet.
“Grubb & Ellis Realty Investors is very pleased to have executed this lease, particularly in light of the formidable economic challenges confronting the national and Chicago real estate markets,” said Kent Peters, (middle left photo) executive vice president of Asset Management. “In the midst of a difficult leasing atmosphere, we have been able to further stabilize Congress Center and realize additional revenue on behalf of investors.”
Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space. Built in 2001, the building’s amenities include a two story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.
Acquired by Grubb & Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to the Congress Expressway. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.
Mark Parrish, senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors with assistance from the Washington, DC-based Grubb & Ellis Government Services Group. Studley’s Jason Volpe and Jason Lichty represented the GSA.
Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com
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