Jones Lang LaSalle has been hired as the exclusive leasing agent for the two-building, 2.1-million-square-foot Illinois Center high-rise office complex — 111 East Wacker Drive and 233 North Michigan Avenue — in Chicago’s East Loop. The complex is owned by CommonWealth REIT and managed by Reit Management and Research LLC, Real Estate Services.
With this new assignment, JLL is now the exclusive office leasing agent for Newton, Mass.-based CommonWealth’s 3.35-million-square-foot Chicago portfolio, which, in addition to the Illinois Center complex, also includes the 1.5-million-square-foot 600 West Chicago property.
JLL’s Brian Atkinson, Monica Moore and Brad Despot will oversee leasing efforts at Illinois Center.
CommonWealth’s move to hire JLL coincides with the REIT’s efforts to dramatically reposition the Illinois Center buildings with an expansive plaza renovation, upgrades to the retail concourse and main building entrance improvements all designed by the renowned architectural firm Goettsch Partners. The projects are scheduled to commence May 2013 and will be completed in phases over the following 18 months.
Designed by Fujikawa, Conterato, Lohan and Associates using plans by Mies van der Rohe, the complex is known for its stunning modern design, its proximity to North Michigan Avenue and its 30-plus concourse-level restaurants. Other amenities include a conference room, fitness center, an attached parking facility and easy access to a variety of public transportation systems.
CommonWealth REIT is a real estate investment trust, or REIT, which primarily owns office and industrial properties located throughout the United States. As of September 30, 2012, CWH owned $7.2 billion of office and industrial properties with approximately 52.9 million square feet located in 31 states, Washington, D.C. and Australia. CWH is headquartered in Newton, Massachusetts.
Reit Management & Research LLC, Real Estate Services, also headquartered in Newton, Massachusetts, manages more than 98 million square feet of commercial office, industrial, and medical office buildings across the country.
Photo Credit: Payton Chung