May 08, 2017
CHICAGO – Transwestern today announces it has brokered a 99,756-square-foot lease renewal with Barack Ferrazzano Kirschbaum & Nagelberg LLP at 200 W. Madison in Chicago’s West Loop, allowing the 928,040-square-foot office tower to retain its largest tenant through 2032.
Senior Vice Presidents Jeff Dowdell, Katie Steele and Courtney Rosoff, along with former Executive Vice President Michael Lirtzman, brokered the lease on behalf of Bentall Kennedy’s U.S. core fund. The tenant was represented by Kyle Kamin, Cal Wessman and Mark Cassata of CBRE.
“Chicago’s downtown office market remains extremely competitive, and this tenant was exploring options including relocation,” said Dowdell. “However, the partners and staff at Barack Ferrazzano Kirschbaum & Nagelberg have been very happy calling 200 W. Madison home, and we were able to reach an agreement that includes funds that can be used to modernize its space for the future.
Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corporation as the anchor tenant. With the new extension, the firm has plans for more improvements.
“This building has been the perfect fit for our firm,” said Howard Kirschbaum, founding partner at Barack Ferrazzano. “It has allowed us to foster growth and enhance our culture, which has directly benefited our clients. With more planned growth on the horizon, this space will continue to position us for success for the foreseeable future. Building ownership and management have done a fantastic job with 200 West Madison, and have been excellent to work with. We look forward to extending this relationship.”
Transwestern’s innovative approach to service, called The Transwestern Experience, reflects the firm’s unique culture and produces measurable results for clients. The four key goals include consistently creating positive experiences, connecting internal and external service, rupturing industry stereotypes, and building passion about purpose. This mindset permeates every business line at Transwestern.
At 200 W. Madison, which Transwestern has managed since 2011, the firm recently spearheaded a
$5 million renovation that included an updated lobby with museum-quality art, a 30-foot green wall and several seating areas; fully modernized elevators; a new tenant lounge/club room; and an expanded fitness center with yoga room. The improvements helped the building earn recognition as “The Outstanding Building of the Year” (TOBY) by BOMA/Chicago.
As part of the renovation project, the building implemented LEED Performance Path (formerly called LEED Dynamic Plaque™), which measures and displays building performance data in real time, allowing occupants to play a more active role in improving the efficiency of the building. The new system was used to achieve LEED® Gold recertification, a draw for sustainability-minded tenants.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Chicago and Rosemont offices, follow @TranswesternCHI.
ABOUT BENTALL KENNEDY
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America's foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-family assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $35 billion (USD) of assets under management including a $9.7 billion (gross asset value) of U.S. core open-end fund. Bentall Kennedy is one of the largest Real Estate Services providers in Canada, managing 58 million square feet on behalf of third-party and investment management clients (as of December 31, 2016). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the sixth consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy. All amounts cited are in U.S. dollars.
For more information, visit www.bentallkennedy.com.
Rebecca Boykin, Taylor Johnson