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
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...