THURSDAY, FEBRUARY 04, 2010

Grubb & Ellis negotiates 90K S.F. renewal

by Illinois Real Estate Journal Reports
Chicago

Grubb & Ellis Realty Investors LLC has secured a 90,138-square-foot lease renewal with AkzoNobel for space at Congress Center, a 16-story, Class A office building located in Chicago's West Loop.

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.

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.

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