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
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
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...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...