Chicago, Illinois – Alvarez & Marsal Property Investments (AMPI), a commercial real estate investment firm, is pleased to announce six transactions since March to bring new tenants to its property at 205 West Randolph Street in Chicago, Illinois. In addition to a lease extension at 205 West Randolph and two renewals and extensions at AMPI’s nearby 542 South Dearborn Street property, these transactions total 23,525 rentable square feet.
“We’re excited to welcome these new tenants to the dynamic environment of businesses at 205 West Randolph” said Michael Marsal, Founding Partner and Vice President of AMPI. “We are proud of the investments we’ve put into this beautiful and historic property. Advantageously located in proximity to dozens of cultural attractions, many urban park spaces, major transportation assets and well-known local and global headquarters, the property is an ideal location for a wide range of companies.”
205 West Randolph is a 200,000-square-foot Art Deco office building at the corner of West Randolph Street and North Wells Street, steps from both the Washington/Wells and Clark/Lake rail stations. AMPI has recently invested in a complete lobby redesign for the property and upgraded the building’s security systems. New tenants recently signed for the property include:
Current tenant Herb & Ohm, a luxury integrative medicine practice, has also agreed to a lease extension for 2,126 rentable square feet on the 19th floor. Joshua Kellerman, Director of Leasing for AMPI, represented the owner in each transaction. Herb & Ohm was represented by Michael Schneider of X10 Commercial. NannyPak was represented by Dan Obiala of TenantBase. Current tenant Leading Edge Finance Corporation, has also agreed to a renewal as well for 725 rentable square feet on the 2nd floor. Joshua Kellerman, Director of Leasing for AMPI, represented the owner in this transaction.
AMPI is also proud to announce two recently completed renewal transactions for its nearby property at 542 South Dearborn Street.
“Our leasing team values nimbleness and a solutions-oriented approach in negotiating with prospective tenants,” added Marsal. “While the office market is still recovering from challenges presented by the COVID-19 pandemic, the continued transaction activity at these properties reflect their enduring appeal for office users and the hard work of our team.”
Originally built in 1891, 542 South Dearborn is an 86,000-square-foot, 14-story office building located in Printers Row. The building is a historical landmark, as it is the oldest surviving work in downtown Chicago designed by the architecture firm Holabird & Roche. Due to the building’s architectural significance, it was added to the National Register of Historic Places and is known as “The Pontiac Building.” The property is located just south of Congress Parkway and in proximity to four different rail stations.
For more information on 205 West Randolph, including leasing opportunities, please see: https://www.am-pi.com/properties/205-west-randolph.
For more information on 542 South Dearborn, including leasing opportunities, please see: https://www.am-pi.com/properties/542-south-dearborn.
About Alvarez & Marsal Property Investments
Alvarez & Marsal Property Investments (“AMPI”) is a vertically integrated commercial real estate firm founded in 2013. A privately owned subsidiary of Alvarez & Marsal Inc., AMPI features a portfolio of more than 1.5 million square feet of mixed-use, office and retail properties. AMPI’s investment strategy is to acquire, own and operate core investment assets in markets that possess a combination of economic growth, technology output and lifestyle characteristics that will drive sustained occupancy and tenant demand.
For more information on AMPI, go to: www.am-pi.com