(CHICAGO) – In what is expected to rank as one of the largest real estate transactions of the year in downtown Chicago, financial services firm UBS renewed their lease for 400,000 square feet at One North Wacker Drive, and will remain the lead tenant at its namesake tower. Located in the West Loop, the 51-story, 1.4-million-square-foot office tower is 98 percent leased.
The building was completed in 2001 and was acquired in 2008 by a subsidiary of the Hines U.S. Core Office Fund LP.
Hines leases and manages the property.
The UBS lease renewal will start in 2012 and encompasses 13 floors, according to Tom D’Arcy, a senior vice president at Hines’ Chicago regional office.
The UBS office at One North Wacker, with a staff count of some 1,200 employees, is part of the Zurich-headquartered firm’s global network of main offices in major financial centers.
UBS will relocate its operations currently housed at 181 W. Madison Street to One North Wacker.
UBS was represented in lease negotiations by Jack Keenan and Robert Schmidt of Jones Lang LaSalle.
In addition to D’Arcy, Hines was represented by General Manager Tom Irvine and Asset Manager Agnes Olejniczak.
“We consider it a privilege to have the opportunity to continue to serve a Class A tenant of the professional caliber of UBS,” Irvine said.
Hines entered the Chicago real estate market in 1981 with the development of Three First National Plaza.
Its Chicago-area portfolio of owned and managed properties currently exceeds 12 million square feet.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 451 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.