Irvine Company leases nearly 218,000 SF at 71 S. Wacker

Dec 13 2018

Irvine Company Office Properties announced seven new leases totaling 217,844 square feet at 71 South Wacker, the 48-story modern workplace community in downtown Chicago. More than half of the leasing activity is in former Hyatt space.

“Hyatt’s departure presented a once-in-a-generation opportunity to diversify our customer community and welcome a modern array of companies across industries and sectors,” said Greg Tait, senior leasing director for Irvine Company Office Properties’ Chicago portfolio. “The world-class design and breathtaking views of 71 South Wacker makes it one of the most sought-after addresses in Chicago. These new leases understood that, and they reflect an exciting evolution in our workplace community.”

Benesch Law, an AmLaw 200 business law firm known for providing highly sophisticated legal services to national and international clients, was the largest new lease at 63,749 square feet. The company will will move into former Hyatt space in 2019 and occupy the 15th and 16th floors. Legal & General, a British multinational financial services company, has expanded its lease to occupy 63,141 square feet.

The tenant diversity was evident in other new leases, such as Columbia Threadneedle Investments, a leading global asset manager, which will occupy 21,737 square feet beginning next year and EVRAZ North America, the leading producer of engineered steel products for rail, energy and industrial end markets, which signed a lease for 27,717 square feet. Spectrum Science Communications, a leading marketing and communications agency helping health and consumer organizations tell their science stories, has leased 4,871 square feet as well.

Lighthouse Investment Partners, LLC, a global investment management firm that offers hedge fund solutions to investors, moves into 16,629 square feet this month. Finally, Maven Wave, a technology consulting firm specializing in cloud solutions, data analytics and application development, has expanded its lease to occupy approximately 20,000 square feet across the 20th and 34th floors. 

Brad Despot, Annie Nicolau and Mark Georgas of JLL represented the Irvine Company in all deals. Joe Learner and Jon Azulay of Savills Studley represented Benesch Law and Kyle Robbins of MB Real Estate represented Spectrum. CBRE’s Jon Milonas represented Maven Wave while Todd Lippman, Scott Brandwein and Jacob Ehrenberg represented Legal & General. Rob Schmidt of JLL represented EVRAZ. Cushman & Wakefield’s David Findling represented Columbia Threadneedle while Ari Klein and James Stein represented Lighthouse Investment.

“With the competition for talent heating up, we needed a modern workplace that helps set us apart by providing an innovative environment for the ambitious employees our firm attracts,” said John Banks, chief operating officer of the Benesch law firm.

One source of that attraction is the iconic building’s interior transformation. The second floor will feature The Exchange, a gathering place comprising casual Wi-Fi-enabled workspaces, that will be ideal for meetings, team-building events and lunch breaks. It will also feature the TapRoom, a self-pour bar with curated coffee, beer and wine selections. In addition, a chef-driven café will offer a diverse menu and KINETIC, Irvine Company’s state-of-the-art fitness center, will take workplace wellness to the next level. A conference center arriving early 2019 will support an increasing customer need for onsite, company-wide meetings and group trainings with flexible seating for up to 150 attendees.

The Irvine Company entered the Chicago market in 2010, when it acquired the 48-story, 1.5-million-square-foot 71 South Wacker. Designed by Pei Cobb Freed & Partners, the tower’s elegant elliptical design offers expansive views and is home to prestigious customers in hospitality, legal, financial services and technology, including IBM and the law firm of Mayer Brown LLP.

“71 South Wacker gives Maven Wave an innovative and collaborative workspace with unparalleled amenities, that allow our employees to deliver exceptional and customizable technology-based experiences for our clients,” said Jason Lee, founder and partner of Maven Wave.