Transwestern has been named the exclusive leasing agent for 525 W. Van Buren, a 522,000-square-foot, Class A office building located in the West Loop submarket of downtown Chicago. The building’s new ownership group, NW Congress Center Owner LLC, an affiliate of American Recovery Property Trust and Northwood Investors, has selected Transwestern to lease the 16-story office tower.
The building is currently 74 percent leased and offers net rents ranging from $20 to $23 per square foot. ARPT and Northwood recently acquired the asset and have committed a significant amount of new capital to the property in order to offer a full suite of Class A services and amenities.
“As a high quality building in a great location, 525 W. Van Buren is a strategic investment for us. We’ve recapitalized the ownership structure and have initiated improvements to the lobby, second level outdoor space and other upgrades that will return the project to competitive positioning in the West Loop submarket,” said Erwin Aulis, chief operating officer of New York-based Northwood Investors.
The Transwestern leasing team of Michael Lirtzman, Tamara Kos and Kristen Baker will be the exclusive leasing agents for the property.
“525 W. Van Buren is a well-located West Loop office tower directly across from Union Station, with excellent floor plates and significant technology infrastructure,” Lirtzman said. “This assignment represents an exciting opportunity for our agency leasing team, as the new ownership group is investing heavily in the property and is ready to invest in new tenants as well.”
Constructed in 2002 and designed by OWP&P, the building features highly efficient, column-free 33,500-square-foot floor plates, state-of-the-art building systems and indoor parking. A second floor rooftop deck is under development, and a shared tenant amenity center with a conference room and lounge is being planned. Other new upgrades will include outdoor seating and landscaping improvements, as well as improved signage and exterior features.
