Click here to close now.




















Welcome!

News Feed Item

Harbor Group International to consolidate leasing efforts in Chicago

Harbor Group International appoints Avison Young to lease 2 North LaSalle and One South Wacker; significant upgrades underway

CHICAGO, IL, Jan. 22, 2014 /PRNewswire/ - Harbor Group International announced today that it has appointed Avison Young as the exclusive leasing agent for two iconic downtown office properties in Chicago.

Avison Young will represent Harbor Group in the leasing of space at 2 North LaSalle and One South Wacker. The two properties comprise nearly 2 million square feet (msf) of combined leasable area. Harbor Group has made many recent upgrades to the buildings. Improvements underway at One South Wacker include exterior and lobby renovations plus a mezzanine level tenant amenity floor with new conference facilities, tenant lounge and fitness center.

"We look forward to working with Avison Young as we market these high-valued assets," comments Jordan Slone, Chair and CEO of Harbor Group International. "With the planned lobby renovations and amenity package upgrades at One South Wacker, the full amenity package at 2 North LaSalle, our long-time presence in Chicago, and the experience of the Avison Young leasing team, the properties are well-positioned to outperform the marketplace in downtown Chicago."

2 North LaSalle is a 26-story, 713,030-square-foot (sf) office tower located at the northwest corner of LaSalle and Madison Streets. The property features 28,000-sf floorplates and a stable roster of high-quality tenants, including Levenfeld Pearlstein, LLC, Neal, Gerber & Eisenberg LLP, Computershare and Grind. Amenities include a state-of-the-art conference room, restaurant, bank, retail shops, concierge service, sundry shop, bike storage room and yoga room. Recent upgrades at the property include elevator cab modernization, corridor and restroom upgrades, and aesthetic improvements to the building's lobby. 

One South Wacker is a 40-story, 1.195-msf office building located at the corner of Madison Street and Wacker Drive in Chicago's prestigious West Loop submarket. Amenities include a 135-car parking garage, fitness center, bike storage room, casual dining, the well-known Lloyd's restaurant, a bank, retail shop and convenience store. The building has three distinctive floor plans due to the tiered setback design, which allows the building to cater to full-floor tenants of varying sizes. Major tenants include RSM McGladrey and Aetna.

"This assignment comes at an opportune time as market conditions improve and Harbor Group completes the upgrades to the buildings," says Michael McKiernan, Avison Young Principal and Managing Director of the company's Chicago office. "Avison Young is honored to be working with Harbor Group, an owner with a long and successful history in Chicago. Harbor Group's significant capital improvement projects within its downtown portfolio will enhance the overall tenant experience within these fine assets."

Avison Young's Chicago leasing team includes Principals Michael Curran, Brad Despot and Eric Myers. The company will provide comprehensive leasing, advisory and market analysis services to Harbor Group in order to better serve existing tenants and attract local, national and international companies seeking space in the downtown core.

"Combining the leasing for these two prestigious properties underscores the strength of the assets' shared ownership and creates a targeted marketing campaign to build awareness for the portfolio of buildings," says Curran. "By marketing the assets together, we can strategically leverage the common amenities and location advantages of the two office towers."

2 North LaSalle and One South Wacker are currently 79% and 82% leased, respectively.

The Chicago office market recorded an overall year-end 2013 vacancy rate of 14%, which varied little throughout 2013. Healthy leasing activity in both the central business district (CBD) and suburban markets resulted in positive absorption in the last several quarters of 2013. Leasing activity in the CBD experienced an uptick in the fourth quarter of 2013 with tenants leasing more than 1.8 msf, bringing the 2013 total to 7.6 msf leased in the CBD.

"Market conditions generally continue to improve in the U.S. as we begin 2014, and unemployment rates are declining both nationally and in Chicago. These trends, along with a marked increase in leasing activity in Chicago, suggest that the vacancy rate in Chicago's central business district will continue to decrease through 2014," adds Curran. "Look for increased rental growth through year-end with concessions remaining flat."

About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 54 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. http://www.avisonyoung.com

About Harbor Group International, LLC
Harbor Group International, LLC controls an investment portfolio of approximately $3.6 billion including in excess of 8.3 million square feet of office space throughout the United States and the United Kingdom, and in excess of 24,500 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York and Tel Aviv.
http://www.harborgroupint.com

• Editors/Reporters: please click on links to view and download photos of 2 North LaSalle and One South Wacker
http://www.avisonyoung.com/sites/default/files/content-files/Media_Room/Temp/2NorthLaSalle.jpg
http://www.avisonyoung.com/sites/default/files/content-files/Media_Room/Temp/1SouthWacker.jpg

For further information/comment/photos:

  • Sherry Quan, National Director of Communications & Media Relations, Avison Young: 
    604.647.5098; cell: 604.726.0959
  • Michael McKiernan, Principal and Managing Director, Chicago, Avison Young: 847.849.1903
  • Michael Curran, Principal and Managing Director, Chicago, Avison Young: 312.448-7950

www.avisonyoung.com

Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.

Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals

Follow Avison Young Bloggers: http://blog.avisonyoung.com

Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate

SOURCE Avison Young Commercial Real Estate (BC)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We have been in business for 21 years and have been building many enterprise solutions, all IT plumbing - server, storage, interconnects," stated Alex Gorbachev, President of Intelligent Systems Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to tran...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...