The lease renewal extends AkzoNobel’s lease by six years, through the end of 2019. Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.
“In the midst of an incredibly difficult commercial real estate environment, Grubb & Ellis Realty Investors is very pleased to have executed this lease,” said Robert Assoian, senior vice president of Asset Management, who oversees the asset on behalf of the owners.
“By renewing and extending AkzoNobel’s lease, we have further stabilized Congress Center and realized additional value on behalf of the investors we serve.”
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 AkzoNobel, notable tenants include Amtrak, the United States General Services Agency and North American Insurance.
Mark Parrish and Sara Spicklemire of Grubb & Ellis Company negotiated the lease on behalf of Grubb & Ellis Realty Investors.
Rob Schmidt, A.J. Magner and A.J. Whitehead of Jones Lang LaSalle represented AkzoNobel.
Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com
No comments:
Post a Comment