Prime Group Realty Trust has announced that SmithBucklin Corp. has executed a lease agreement and will relocate its Chicago headquarters to 330 N. Wabash Ave. in January 2013. SmithBucklin is leasing approximately 111,081 rentable square feet in the building.
The building was designed by architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. The owner of 330 N. Wabash is a joint venture between subsidiaries of Prime Group Realty Trust, a real estate investment trust headquartered in Chicago, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm. Prime Group Realty Trust is the property manager and leasing agent for the property. SmithBucklin was assisted in its search by Howard Ecker of Howard Ecker + Company, and Prime Group Realty Trust was represented by its Executive Vice President of Leasing Steven R. Baron.
The initial term of the lease is 15 years. The lease terms include expansion, contraction and renewal options for the tenant consistent with those negotiated in the market for lease transactions of this size and nature. Including SmithBucklin and the recently announced American Medical Association lease at the building, the office portion of the 330 N. Wabash property is now approximately 75 percent leased.
In addition, a new five-star Langham Chicago Hotel on floors two through 13 of 330 N. Wabash is scheduled to be open in the second quarter of 2013. The hotel will feature approximately 320 rooms and suites and will include a full service restaurant (including private dining facilities), meeting and conference facilities, as well as a fitness facility and the hotel’s wellness retreat, Chuan Spa.
