SYS-CON MEDIA Authors: Pat Romanski, Yeshim Deniz, Nikita Ivanov, Sean Houghton, Glenn Rossman

News Feed Item

Harbor Group International to consolidate leasing efforts in Chicago

Harbor Group International appoints Avison Young to lease 2 North LaSalle and One South Wacker; significant upgrades underway

CHICAGO, IL, Jan. 22, 2014 /PRNewswire/ - Harbor Group International announced today that it has appointed Avison Young as the exclusive leasing agent for two iconic downtown office properties in Chicago.

Avison Young will represent Harbor Group in the leasing of space at 2 North LaSalle and One South Wacker. The two properties comprise nearly 2 million square feet (msf) of combined leasable area. Harbor Group has made many recent upgrades to the buildings. Improvements underway at One South Wacker include exterior and lobby renovations plus a mezzanine level tenant amenity floor with new conference facilities, tenant lounge and fitness center.

"We look forward to working with Avison Young as we market these high-valued assets," comments Jordan Slone, Chair and CEO of Harbor Group International. "With the planned lobby renovations and amenity package upgrades at One South Wacker, the full amenity package at 2 North LaSalle, our long-time presence in Chicago, and the experience of the Avison Young leasing team, the properties are well-positioned to outperform the marketplace in downtown Chicago."

2 North LaSalle is a 26-story, 713,030-square-foot (sf) office tower located at the northwest corner of LaSalle and Madison Streets. The property features 28,000-sf floorplates and a stable roster of high-quality tenants, including Levenfeld Pearlstein, LLC, Neal, Gerber & Eisenberg LLP, Computershare and Grind. Amenities include a state-of-the-art conference room, restaurant, bank, retail shops, concierge service, sundry shop, bike storage room and yoga room. Recent upgrades at the property include elevator cab modernization, corridor and restroom upgrades, and aesthetic improvements to the building's lobby. 

One South Wacker is a 40-story, 1.195-msf office building located at the corner of Madison Street and Wacker Drive in Chicago's prestigious West Loop submarket. Amenities include a 135-car parking garage, fitness center, bike storage room, casual dining, the well-known Lloyd's restaurant, a bank, retail shop and convenience store. The building has three distinctive floor plans due to the tiered setback design, which allows the building to cater to full-floor tenants of varying sizes. Major tenants include RSM McGladrey and Aetna.

"This assignment comes at an opportune time as market conditions improve and Harbor Group completes the upgrades to the buildings," says Michael McKiernan, Avison Young Principal and Managing Director of the company's Chicago office. "Avison Young is honored to be working with Harbor Group, an owner with a long and successful history in Chicago. Harbor Group's significant capital improvement projects within its downtown portfolio will enhance the overall tenant experience within these fine assets."

Avison Young's Chicago leasing team includes Principals Michael Curran, Brad Despot and Eric Myers. The company will provide comprehensive leasing, advisory and market analysis services to Harbor Group in order to better serve existing tenants and attract local, national and international companies seeking space in the downtown core.

"Combining the leasing for these two prestigious properties underscores the strength of the assets' shared ownership and creates a targeted marketing campaign to build awareness for the portfolio of buildings," says Curran. "By marketing the assets together, we can strategically leverage the common amenities and location advantages of the two office towers."

2 North LaSalle and One South Wacker are currently 79% and 82% leased, respectively.

The Chicago office market recorded an overall year-end 2013 vacancy rate of 14%, which varied little throughout 2013. Healthy leasing activity in both the central business district (CBD) and suburban markets resulted in positive absorption in the last several quarters of 2013. Leasing activity in the CBD experienced an uptick in the fourth quarter of 2013 with tenants leasing more than 1.8 msf, bringing the 2013 total to 7.6 msf leased in the CBD.

"Market conditions generally continue to improve in the U.S. as we begin 2014, and unemployment rates are declining both nationally and in Chicago. These trends, along with a marked increase in leasing activity in Chicago, suggest that the vacancy rate in Chicago's central business district will continue to decrease through 2014," adds Curran. "Look for increased rental growth through year-end with concessions remaining flat."

About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 54 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. http://www.avisonyoung.com

About Harbor Group International, LLC
Harbor Group International, LLC controls an investment portfolio of approximately $3.6 billion including in excess of 8.3 million square feet of office space throughout the United States and the United Kingdom, and in excess of 24,500 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York and Tel Aviv.
http://www.harborgroupint.com

• Editors/Reporters: please click on links to view and download photos of 2 North LaSalle and One South Wacker
http://www.avisonyoung.com/sites/default/files/content-files/Media_Room/Temp/2NorthLaSalle.jpg
http://www.avisonyoung.com/sites/default/files/content-files/Media_Room/Temp/1SouthWacker.jpg

For further information/comment/photos:

  • Sherry Quan, National Director of Communications & Media Relations, Avison Young: 
    604.647.5098; cell: 604.726.0959
  • Michael McKiernan, Principal and Managing Director, Chicago, Avison Young: 847.849.1903
  • Michael Curran, Principal and Managing Director, Chicago, Avison Young: 312.448-7950

www.avisonyoung.com

Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.

Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals

Follow Avison Young Bloggers: http://blog.avisonyoung.com

Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate

SOURCE Avison Young Commercial Real Estate (BC)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.