Daniel Arends, principal with Colliers International’s Chicago-based Office Advisory Group, represented two Chicago tenants in recent lease expansions in the River North area.
Closerlook Inc. nearly doubled its space at 212 W. Superior with a long-term renewal of 14,290 square feet and expansion of 13,212 square feet. The digital marketing agency specializes in the pharmaceutical industry and now occupies a total of 27,502 square feet. The landlord, Urban Innovations, was represented by Aaron Zaretsky.
Arends also represented Gravity Tank Inc. in a lease expansion at 114 W. Illinois Street. The innovation consulting firm has grown from 19,757 square feet to 26,450 square feet. The building’s landlord, Freidman Properties, was represented by Bob Zimmerman.
“It’s a great sign for the CBD and the River North market in particular that these innovative firms are continuing to thrive,” Arends said. “In addition to these key expansions, this market is also witnessing an influx of new tenants relocating from the suburbs or other parts of the CBD.”
In 2012, Chicago’s River North submarket witnessed 265,000 square feet of positive absorption and also had the lowest vacancy rate in the Chicago CBD at 12.7 percent. The submarket is becoming increasingly popular with consulting and technology firms.
